12 U.S.C. 1710: Payment of insurance

2009

• Pub. L. 111–22, §203(c)(3), substituted "subsection (a)(1)(A) or section 1715u(c) of this title" for "paragraph (1)(A)". Law text · (a)
• Pub. L. 111–22, §203(c)(1), (2), inserted "or faces imminent default, as defined by the Secretary" after "default" and "support for borrower housing counseling, partial claims, borrower incentives, preforeclosure sale," after "loan modification,". Law text · (a)

2004

• Pub. L. 108–447, §221(1)(A), substituted "following categories of assets of the Secretary, unless the Secretary determines at any time that the asset property is economically or otherwise infeasible to rehabilitate or that the best use of the asset property is as open space (includi… (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(1)(B), inserted "except for mortgages insured under or made pursuant to sections 1715z, 1715z–12, or 1715z–20 of this title" after "chapter". (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(1)(C), struck out heading and text of subpar. (C). Text read as follows: "Any contingent future interest of the Secretary in an asset described in subparagraph (A) or (B)." (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(2), inserted ", States, and Indian tribes" after "government" in second sentence. (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(3)(A), inserted ", State, or Indian tribe" after "government". (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(3)(B), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: "purchases all interests of the Secretary in all assets of the Secretary that, at any time during the period which shall be set forth in the sale agreement required under pa… (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(3)(C), substituted "purchase of the category or categories of eligible assets set forth in the sale agreement under" for "purchase of eligible assets under". (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(4)(A), amended heading and text of subpar. (C) generally. Prior to amendment, subpar. (C) set out discount classes, including standard, deep, and minimal discounts. (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(4)(B), struck out heading and text of subpar. (D). Text read as follows: "The Secretary shall, in the sole discretion of the Secretary, establish a method for determining which discount under clause (i) or (ii) subparagraph (C) shall be provided for an eligi… (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(5), substituted "category or categories of eligible assets to be purchased and, based on the purchaser's capacity to manage and dispose of assets, the maximum number of assets owned by the Secretary at the time the sale agreement is executed that shall be so… (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(6)(A), inserted ", and any agency or instrumentality thereof that is established pursuant to legislation and designated by the chief executive officer to act on behalf of the jurisdiction with regard to the provisions of this subsection" after "State". (Consolidated Appropriations Act, 2005) Law text · (h)
• Pub. L. 108–447, §221(6)(B), added subpars. (G) and (H). (Consolidated Appropriations Act, 2005) Law text · (h), (H)

1998

• Pub. L. 105–276, §601(a), inserted heading and amended text generally, substituting present provisions for provisions which authorized mortgagee of foreclosed property to receive insurance benefit upon conveyance to Secretary of title and assignment of claims, or upon foreclosure sale … (Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999) Law text · (a)
• Pub. L. 105–276, §601(d), inserted at end "The Secretary may sell real and personal property acquired by the Secretary pursuant to the provisions of this chapter on such terms and conditions as the Secretary may prescribe." (Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999) Law text · (g)
• Pub. L. 105–276, §602, added subsec. (h) and redesignated former subsec. (h) as (i). (Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999) Law text · (h), (i)
• Pub. L. 105–276, §601(c), struck out subsec. (k) which read as follows: "Notwithstanding any other provision of this section or of section 1739 or 1750c of this title and with respect to any debentures issued in exchange for properties conveyed to and accepted by the Secretary after Se… (Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999) Law text · (k)

1996

• Pub. L. 104–134, in penultimate proviso of last sentence, substituted "special forebearance" for "special foreclosure". (Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1996.) Law text · (a)
• Pub. L. 104–99 inserted ": And provided further, That the Secretary may pay insurance benefits to the mortgagee to recompense the mortgagee for its actions to provide an alternative to the foreclosure of a mortgage that is in default, which actions may include special foreclosure, loan modification… (The Balanced Budget Downpayment Act, I) Law text · (a)

1992

• Pub. L. 102–550, §516(a)(1), in fifth sentence, substituted "issue to the mortgagee debentures having a par value" for ", subject to the cash adjustment hereinafter provided, issue to the mortgagee debentures having a total face value". · (a)
• Pub. L. 102–550, §516(a)(2), added subsec. (c) and struck out former subsec. (c) which read as follows: "Debentures issued under this section shall be in such form and denominations in multiples of $50, shall be subject to such terms and conditions, and shall include such provisions fo… · (c)
• Pub. L. 102–550, §516(a)(3), (4), in first sentence, substituted "issued in the name of" for "executed in the name of" and "and shall be negotiable, and, if in book entry form, transferable, in the manner described by the Secretary in regulations" for ", shall be signed by the Secretar… · (d)

1989

• Pub. L. 101–235, §136(a), inserted after third sentence "As a condition of the receipt of such benefits, the mortgagee shall maintain or assure the maintenance of the mortgaged property (in such manner as the Secretary shall by regulation provide) during the period beginning on the tak… · (a)
• Pub. L. 101–235, §136(b), inserted after first sentence "The Secretary shall, by regulation, carry out a program of sales of such properties and shall develop and implement appropriate credit terms and standards to be used in carrying out the program." · (g)

1988

• Pub. L. 100–628, §1064(a)(1), (2), in second sentence, substituted "(1)(A) upon sale" for "(1) upon sale", inserted cl. (B), and substituted "; and (2)" for ", and (2)". · (a)
• Pub. L. 100–628, §1064(b)(1), in third sentence, substituted "November 30, 1983 (on or after November 7, 1988, with respect to the payment of benefits under clause (1)(B) of the preceding sentence)," for "the effective date of this sentence". · (a)
• Pub. L. 100–628, §1064(b)(2)(A), in fifth sentence, struck out "foreclosure" before "sale of the property: Provided". · (a)
• Pub. L. 100–628, §1064(b)(2)(B), inserted "clause (1)(A) of" before "the second sentence". · (j)
• Pub. L. 100–242 added subsec. (l). · (l)

1983

• Pub. L. 98–181, §426(a), inserted provision authorizing the Secretary to make the benefit of the insurance available to the mortgagee upon sale of the insured property at foreclosure and assignment of all claims to the Secretary and provision relating to payment of benefits pursuant to… · (a)
• Pub. L. 98–181, §426(b), inserted "(other than a mortgagee receiving insurance benefits under the second sentence of subsection (a))" after "section 1709 of this title". · (j)

1967

• Pub. L. 90–19, §1(a)(2), substituted "Secretary of Housing and Urban Development" for "Federal Housing Commissioner" in subsec. (g).
• Pub. L. 90–19, §1(a)(3), substituted "Secretary" for "Commissioner" wherever appearing in subsecs. (a) to (d), (e)(1), (f)(1), (f)(1)(i), (ii), (f)(2), (3), (g), (h), (j), and (k).
• Pub. L. 90–19, §1(a)(4), substituted "Secretary's" for "Commissioner's" wherever appearing. · (f)
• Pub. L. 90–19, §1(d), substituted "an officer" for "the Commissioner or by any Assistant Commissioner". · (g)

1965

• Pub. L. 89–117, §1108(d)(1), struck out reference to section 1715a of this title after reference to section 1709 of this title in first sentence. · (a)
• Pub. L. 89–117, §1108(d)(2), substituted "Mutual Mortgage Insurance Fund" for "Fund as to mortgages insured under section 1709 of this title and from the Housing Fund as to mortgages insured under section 1715a of this title". · (c)
• Pub. L. 89–117, §1108(d)(3)–(6), removed all references to debentures issued with respect to mortgages insured under section 1715a of this title and to the Housing Insurance Fund and substituted Mutual Mortgage Insurance Fund for Fund wherever appearing. · (d)
• Pub. L. 89–117, §1108(d)(7), struck out provision of subpar. (1)(i) calling for retention of excess by Commissioner and credit to the Housing Insurance Fund in the case of mortgages insured under section 1713 of this title. · (f)

1964

• Pub. L. 88–560, §§104(a), 105(a)(1)–(3), (6)(B), amended provisions as follows; section 104(a), in proviso reading "And provided further, That with respect to any mortgage covering a one-, two-, three-, or four-family residence", struck out "and it is probable that the mortgage will be… · (a)
• Pub. L. 88–560, §105(a)(4), increased limitation on the difference between the value of the mortgage and the aggregate face value of the debentures issued from $50 to $350. · (c)
• Pub. L. 88–560, §105(a)(5), substituted ": Provided, That debentures issued pursuant to claims for insurance filed on or after September 2, 1964 shall be dated as of the date of default or as of such later date as the Commissioner, in his discretion, may establish by regulation. The de… · (d)
• Pub. L. 88–560, §105(a)(6)(A), designated existing provisions as par. (1), substituted "Subject to paragraph (2), the certificate" for "The certificate", and added par. (2). · (e)
• Pub. L. 88–560, §105(a)(7)–(11), designated introductory par. as par. (1) and substituted "If, after deducting (in such manner and amount as the Commissioner shall determine to be equitable and in accordance with sound accounting practice) the expenses incurred by the Commissioner, the… · (f)

1961

• Pub. L. 87–70, §612(b), permitted debentures issued pursuant to provisions of section 1715k(f), 1715l(g), and 1715x of this title to be dated as of the date the mortgage is assigned (or the property is conveyed) to the Commissioner. · (d)
• Pub. L. 87–70, §612(c), included instruments relating to personal property, and inserted proviso requiring that a conveyance or transfer of title to real or personal property or an interest therein to the Federal Housing Commissioner, his successors and assigns, without identifying the… · (g)

1959

• Pub. L. 86–372, §114(b), authorized the Commissioner, with respect to any mortgage covering a one-, two-, three-, or four-family residence insured under this chapter, if he finds after notice of default, that the default was due to circumstances beyond the control of the mortgagor and … · (a)
• Pub. L. 86–372, §117, substituted "and with respect to any debentures issued in exchange for properties conveyed to and accepted by the Commissioner after September 23, 1959 in accordance with such section" for "with respect to any debentures issued pursuant to this section or section … · (k)

1957

• Pub. L. 85–104, §108(a), substituted "established by the Commissioner pursuant to section 1715o of this title" for "determined by the Commissioner, with the approval of the Secretary of the Treasury, at the time the mortgage was offered for insurance, but not to exceed 3 per centum per… · (d)
• Pub. L. 85–104, §107, added subsec. (k). · (k)