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, 1977
U.S. Government Printing Office, 1977 - 250 páginas
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actions activities addition agency amend appointed assistance Association authority Bank bankers believe benefits bill billion Board of Directors borrowing capital CHAIRMAN Charter Act commitments committee concerned Congress contract conventional corporation cost Court debt Development earnings effect fact Federal Federal National Mortgage financing FNMA FNMA's functions funds going Government hearings home mortgages housing income increase industry inner city interest investment investors involved issue legislation lenders lending liquidity loans meeting mortgage market National Mortgage Association neighborhood obligations operations percent policies present President problem proposed protect public interest public purpose purchase question rates reason record represent responsibility role secondary market Secretary Secretary HARRIS securities Senator servicing shareholders standards statement stockholders tion Treasury United urban
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 29 - 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 24 - 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 28 - 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.