Sec. 131. FHA lender repurchase requirement
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Title II of the National Housing Act ( 12 U.S.C. 1707 et seq. ) is amended by adding at the end the following new section: The Secretary may not newly insure any mortgage on a 1- to 4-family residential property unless the mortgagee under such mortgage enters into such binding agreements as the Secretary considers necessary to ensure that, if the mortgagor is in default with respect to the mortgagor’s obligation to make payments under the mortgage for 30 or more consecutive days during the 6-month period beginning upon origination of the mortgage, the mortgagee will, upon notice by the Secretary, repurchase such mortgage in an amount equal to the remaining principal obligation under the mortgage, as determined in accordance with guidelines issued by the Secretary. .
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Sec. 131
FHA lender repurchase requirement
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