Sec. 132. Prohibition of FHA mortgage insurance for cash-out refinancings
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Title II of the National Housing Act ( 12 U.S.C. 1707 et seq. ), as amended by the preceding provisions of this Act, is further 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 under which— a portion of the mortgage proceeds are used to prepay or pay off the outstanding principal obligation under an existing mortgage or loan secured by the same residential property; and any portion of the mortgage proceeds are used for any purpose other than to prepay or pay off such existing mortgage and for any settlement costs in connection with such mortgage, as determined in accordance with guidelines issued by the Secretary. .
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Sec. 132
Prohibition of FHA mortgage insurance for cash-out refinancings
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