Federal National Mortgage Association Charter Act: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, 1st Session on S. 1397 ... June 7 and 8, 1977U.S. Government Printing Office, 1977 - 250 páginas |
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Términos y frases comunes
agency amend appointed appraisal authority Bank believe bill billion Board of Directors borrowing capital CHAIRMAN commitments committee common stock condominium Congress conventional loans debt DUNSAVAGE earnings equity Fannie Mae Federal National Mortgage FHLMC Fifth Amendment FNMA board FNMA Charter Act FNMA stock FNMA's Freedom of Information functions GNMA GRUNTAL & CO Home Loan home mortgages Housing and Urban housing industry impairment Information Act inner city inner-city insured interest rates investment investors legislation lenders lending liquidity low and moderate ment moderate income Mortgage Bankers Mortgage Bankers Association mortgage purchases Munger Place MURRAY National Mortgage Association neighborhood obligations percent planned unit development policies portfolio President price-earnings ratio private corporation public interest public purpose real estate redlining regulatory role secondary market operations secondary mortgage market Secretary HARRIS Secretary of HUD securities Senator CRANSTON Senator MORGAN statement stockholders tion Treasury WILLIAM PROXMIRE
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Página 19 - ... provide supplementary assistance to the secondary market for home mortgages by providing a degree of liquidity for mortgage investments, thereby improving the distribution of investment capital available for home mortgage financing...
Página 23 - There is a clear distinction between the power of the Congress to control or interdict the contracts of private parties when they interfere with the exercise of its Constitutional authority, and the power of the Congress to alter or repudiate the substance of its own engagements when it has borrowed money under the authority which the Constitution confers.
Página 19 - President has determined that it is in the public interest) for the financing of (1) selected types of home mortgages (pending the establishment of their marketability) originated under special housing programs designed to provide housing of acceptable standards at full economic costs for segments of the national population which are unable to obtain adequate housing under established home financing programs...
Página 19 - ... (C) manage and liquidate the existing mortgage portfolio of the Federal National Mortgage Association in an orderly manner, with a minimum of adverse effect upon the home mortgage market and minimum loss to the Federal Government. "CREATION OF ASSOCIATION "Sec. 302. (a) There is hereby created a body corporate to be known as the 'Federal National Mortgage Association' (hereinafter referred to as the •Association'), which shall be a constituent agency of the Housing and Home Finance Agency.
Página 54 - The Secretary may require that a reasonable portion of the corporation's mortgage purchases be related to the national goal of providing adequate housing for low and moderate income families, but with reasonable economic return to the corporation.
Página 20 - ... which are deemed by the corporation to be of such quality, type, and class as to meet, generally, the purchase standards imposed by private institutional mortgage investors.
Página 51 - Association and that she may require that a reasonable portion of the corporation's mortgage purchases be related to the national goal of providing adequate housing for low- and moderate-income families, but with reasonable economic return to the corporation.
Página 23 - The Fifth Amendment commands that property be not taken without making just compensation. Valid contracts are property, whether the obligor be a private individual, a municipality, a State or the United States. Rights against the United States arising out of a contract with it are protected by the Fifth Amendment.
Página 20 - Association shall be available to retire the preferred stock held by the Secretary of the Treasury as rapidly as the Association shall deem feasible.
Página 23 - The Contract Clause is not an absolute bar to subsequent modification of a State's own financial obligations. As with laws impairing the obligations of private contracts, an impairment may be constitutional if it is reasonable and necessary to serve an important public purpose.