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Code · BILL · 113th Congress · S. 1376 (Reported in Senate) — To improve the Federal Housing Administration and to ensure the solvency of the Mutual Mortgage Insurance Fund, and f... · Sec. 3

Sec. 3. Prohibition on insuring mortgagors with 2 prior foreclosures

63 words·~1 min read·/bill/113/s/1376/rs/section-3

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Section 203 of the National Housing Act (12 U.S.C. 1709) is amended by adding at the end the following: The Secretary may not insure, or enter into a commitment to insure, a mortgage under this section that is executed by a mortgagor who is the mortgagor under any two mortgages on 1- to 4-family residential properties that have been previously foreclosed upon. .
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Sec. 3
Prohibition on insuring mortgagors with 2 prior foreclosures
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