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"(n) (1) Section 207 (b) is amended by amending paragraph numbered (1) to read as follows:

""(1) Federal or State instrumentalities, municipal corporate instrumentalities of one or more States, or limited dividend or redevelopment or housing corporations restricted by Federal or State laws or regulations of State banking or insurance departments as to rents, charges, capital structure, rate of return, or methods of operations; or".

"(2) Section 207 (c) is amended by amending the first sentence to read as follows:

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"""(c) To be eligible for insurance under this section a mortgage on any property or project shall involve a principal obligation in an amount"(1) not to exceed $5,000,000, or, if executed by a mortgagor coming within the provisions of paragraph numbered (b) (1) of this section, not to exceed $50,000,000;

"""(2) not to exceed 80 per centum of the amount which the Administrator estimates will be the value of the property or project when the proposed improvements are completed, including the land; the proposed physical improvements; utilities within the boundaries of the property or project; architects' fees; taxes and interest accruing during construction; and other miscellaneous charges incident to construction and approved by the Administrator: Provided, That, except with respect to a mortgage executed by a mortgagor coming within the provisions of paragraph numbered (b) (1) of this section, such mortgage shall not exceed the amount which the Administrator estimates will be the cost of the completed physical improvements on the property or project, exclusive of public utilities and streets and organization and legal expenses; and

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"""(3) not to exceed $8,100 per family unit for such part of such property or project as may be attributable to dwelling use."

"(o) (1) Section 207 (h) is amended by striking out, in paragraph numbered (1), the words "paid to the mortgagor of such property," and inserting in lieu thereof the following: "retained by the Administrator and credited to the Housing Insurance Fund."

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'(2) Section 204 (f) is amended by inserting in clause numbered (1), immediately preceding the semicolon, the following: "if the mortgage was insured. under section 203 and shall be retained by the Administrator and credited to the Housing Insurance Fund if the mortgage was insured under section 207.”

""TITLE I AMENDMENTS

"(p) Section 2 is amended:

"(1) by striking out "$165,000,000" in subsection (a) and inserting in lieu thereof "$175,000,000";

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"(2) by striking out "$3,000" in subsection (b) and inserting in lieu thereof "$4,000";

"(3) by striking out the first proviso in the first sentence of subsection (b) and inserting in lieu thereof the following: "Provided, That insurance may be granted to any such financial institution with respect to any obligation not in excess of $10,000 and having a maturity not in excess of seven years and thirty-two days representing any such loan, advance or credit, or purchase made by it if such loan, advance or credit, or purchase is made for the purpose of financing the alteration, repair, improvement, or conversion of an existing structure used or to be used as a hotel, apartment house, dwelling for two or more families, hospital, orphanage, college, or school:". ““TITLE II—SECONDARY MARKET FOR GI HOME LOANS AND FHA INSURED MORTGAGES

66 'PURPOSE

"SEC. 201. It is the purpose of this title to provide, with appropriate safeguards against inflationary increases in housing costs and prices, a source of secondary credit for residential mortgage loans which have been insured under title II or title VI of the National Housing Act or guaranteed or insured under the Servicemen's Readjustment Act of 1944, in order to maintain an orderly market for such loans, to meet liquidity needs of financing institutions, and to encourage economically sound residential construction in any areas where the scarcity of such secondary credit develops to the extent of threatening the continued production and availability of housing for veterans and others.

""CREATION OF NATIONAL HOME MORTGAGE CORPORATION AND LIQUIDATION OF FEDERAL NATIONAL MORTGAGE ASSOCIATION

“‘SEC. 202. (a) There is hereby created in the Housing and Home Finance Agency a body corporate to be known as the National Home Mortgage Corporation (referred to in this title as the "Corporation") which shall be an agency and instrumentality of the United States. There shall be a President of the Corporation and all of the powers of the Corporation shall be vested in him. The Housing and Home Finance Administrator shall be the President of the Corporation.

"(b) At such times as the Corporation shall determine, after funds become available therefor, it shall, after giving adequate advance notice to the Reconstruction Finance Corporation, purchase all residential loans held by the Reconstruction Finance Corporation by virtue of section 203 of Public Law 132, Eightieth Congress, approved June 30, 1947, and all residential loans held by the Federal National Mortgage Association, at prices equal to the unpaid principal plus accrued interest on such loans, and such loans, together with all related rights, and such contracts, documents, and records as may be essential to the proper servicing and resale of the loans so purchased, shall be transferred to the Corporation. At the time of such transfer the Corporation shall assume all outstanding commitments of the Reconstruction Finance Corporation (acquired pursuant to said section 203) and the Federal National Mortgage Association to purchase any residential loans. With respect to the loans, commitments, related rights, contracts, documents, and records so transferred, "National Home Mortgage Corporation" is hereby substituted, for all purposes, for "Reconstruction Finance Corporation" and "Federal National Mortgage Association", as the case may me, and no suit, action, or other proceeding lawfully commenced by or against the Reconstruction Finance Corporation or the Federal National Mortgage Association shall abate by reason of the enactment of this Act, but the court, on motion or supplemental petition filed at any time within twelve months after the date of such enactment, showing a necessity for the survival of suit, action, or other proceeding to obtain a determination of the questions involved, may allow the same to be maintained by or against the National Home Mortgage Corporation. The Corporation shall have the same powers to service and sell loans transferred to it pursuant to this subsection as it has with respect to loans purchased under section 205.

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"(c) The Federal National Mortgage Association (established by the Reconstruction Finance Corporation under title III of the National Housing Act) shall not purchase any mortgage or lien after the date of enactment of this title (except pursuant to a commitment prior to that date), and shall, after the transfer of its holdings to the National Home Mortgage Corporation as provided in subsection (b) of this section, proceed to liquidate its assets and wind up its affairs as rapidly and economically as feasible and in the public interest. For this purpose, the Association shall dispose of any remaining assets in such manner as it may determine to be in the public interest, pay all outstanding obligations, adjust and settle any claims against the Association, retire its capital stock at the amount paid by the Reconstruction Finance Corporation for such stock, and the $100,000 paid-in surplus supplied by the Reconstruction Finance Corporation and cover any remaining funds into the Treasury as miscellaneous receipts.

"ADVISORY BOARD

"SEC. 203. There shall be an advisory board to the Corporation which shall consist of the President of the Corporation, who shall serve as Chairman, and the following or their designees: The Secretary of the Treasury, the Administrator of Veterans' Affairs, the Chairman of the Board of Governors of the Federal Reserve System, the Federal Housing Commissioner, the Chairman of the Home Loan Bank Board, and the Chairman of the Federal Deposit Insurance Corporation. The advisory board is authorized and directed to furnish information and advice to the Corporation on all matters of basic policy involved in the exercise of its powers with a view toward coordinating the operations of the Corporation with the general economic and fiscal policies of the Government and carrying out the purposes of this title.

"CAPITAL STOCK AND ISSUANCE OF NOTES

"'SEC. 204. (a) The Corporation shall have a capital stock of $5,000,000 which shall be subscribed by the United States and paid by the Secretary of the Treasury in such amounts and at such times as requested by the Corporation. There is

hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $5,000,000 which shall be available to pay the subscription to the capital stock of the Corporation. Receipt for such payment shall be issued to the Secretary of the Treasury by the Corporation and shall evidence the stock ownership of the United States. Net earnings of the Corporation (as determined by it) shall, after reasonable provision for possible losses, be used for payment of dividends on capital stock. Any such dividends shall be covered into the Treasury as miscellaneous receipts.

"(b) The Corporation may issue and have outstanding at any one time notes and other obligations for purchase by the Secretary of the Treasury in a maximum amount not exceeding $250,000,000 plus an amount equal to the total purchase price paid for the loans purchased under the requirements of section 202 (b), except that with the approval of the President of the United States this maximum may be increased by an additional amount not exceeding $250,000,000. Such notes or other obligations shall be in such forms and denominations, shall have such maturities, and shall be subject to such terms and conditions as may be prescribed by the Corporation with the approval of the Secretary of the Treasury. Such notes or other obligations shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States as of the last day of the month preceding the issuance of the notes or other obligations by the Corporation. The Secretary of the Treasury is authorized and directed to purchase any notes or other obligations of the Corporation issued hereunder and for such purposes is authorized to use as a public debt transaction the proceeds from the sale of securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of such obligations. The Secretary of the Treasury may at any time sell any of the notes or other obligations acquire by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of such notes or other obligations shall be treated as public debt transactions of the United States. The Corporation may retire or redeem any notes or other obligations issued by it.

"PURCHASE AND SALE OF LOANS

"SEC. 205. For the purposes of this title, the Corporation is hereby authorized (in addition to the purchases required under section 202 (b)) to purchase, with or without recourse, to service, and to sell without recourse (at such price or prices and under such other terms and conditions as the Corporation may prescribe) (a) any residential loan which is insured under sections 203, 207, 603, or 608 of the National Housing Act, or as amended at any time, and secured by a first lien on the realty, or (b) any loan guaranteed under section 501 of the Servicemen's Readjustment Act of 1944, or as amended at any time, and secured by a first lien on the realty, or (c) any loan guaranteed under section 505 (a) of said Act or (d) any loan insured under section 508 of said Act which could have been guaranteed under section 501 and is secured by a first lien on the realty or which could have been guaranteed under section 505 (a) of said Act. The Corporation shall maintain separate accounts with respect to the purchase of (a) loans insured under the National Housing Act and (b) loans guaranteed or insured under the Servicemen's Readjustment Act of 1944, as amended. Any purchase of a loan pursuant to this section shall be made in accordance with regulations issued by the Corporation and shall be subject to the following qualifications:

"(a) Purchases of loans shall be restricted to those areas in which the Corporation determines that a scarcity of a private secondary credit for such loans has developed to the extent of threatening the continued production and availability of sale or rental housing generally throughout the area and that such purchases by the Corporation would not reasonably be expected to contribute to substantial increases in costs and prices of housing facilities. No purchases of loans of any particular amount and character shall be made in any area unless the Corportion has determined that there is no active private market which is willing to purchase loans of that amount or character at prices which the Corporation considers to be appropriate, and the Corporation shall terminate or restrict any such purchases by it whenever it determines that the volume of such purchases contribute to substantial increases in costs and prices of housing facilities.

"(b) No loan may be purchased if made prior to the effective date of this Act. ""(c) No loan may be purchased if the original principal obligation of the loan exceeds or exceeded $7,000 for each family residence or dwelling unit covered by the mortgage or other lien securing the loan: Provided, That the Corporation may prescribe a higher maximum amount or amounts, not exceeding $10,000 for each family residence or dwelling unit, if it finds that at any time or in any area it is not feasible, within the limitations of a lower maximum amount or amounts, to construct or provide dwellings which meet sound standards of construction, design, and livability.

"(d) No loan shall be purchased except from mortgagees or lienholders which the Corporation determines to be qualified by experience or facilities and approves for servicing the loan or performing any other obligation of the mortgagee or lienholder in connection with the loan.

"(e) No purchase of a loan may be made unless supporting data satisfactory to the Corporation are submitted to show compliance with requirements prescribed by the Corporation with respect to the reasonable ability of the borrower to meet his payments, and the physical soundness of the property covered by the mortgage or other lien securing the loan. Subject to the above qualifications, the regulations of the Corporation may contain such other conditions and provisions as the Corporation deems necessary to carry out the purpose of this title. Unless hereafter authorized by the Congress, the Corporation shall not purchase any loan under this title after June 30, 1950. At least ninety days prior to that date, the President shall submit to the Congress his recommendations as to any action or legislation with respect to the Corporation which may be necessary or desirable. "GENERAL POWERS OF CORPORATION

"SEC. 206. For the purposes of this title, the Corporation— "(a) shall have succession in its corporate name;

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(b) may adopt, alter, and use a corporate seal, which shall be judicially noticed;

"(c) may adopt, amend, and repeal bylaws, rules, and regulations for the conduct of its business and the exercise of its powers; and may provide by regulation for a reasonable fee to be charged for the review of applications for the purchase of loans by the Corporation or for other services;

"(d) may make contracts and purchase or otherwise acquire, hold, lease, and dispose (at public or private sale) of such real and personal property as may be necessary or incidental to the conduct of its business, and may accept donations of services and property;

"(e) may sue and be sued in any Federal, State, or local court of competent jurisdiction: Provided, That the Corporation shall be entitled to such immunities and exemptions from the payment of costs, charges, and fees as are granted to the United States Government: And provided further, That the Corporation shall be represented, at its request, in litigated matters by the Attorney General or such attorney or attorneys as he may designate;

"'(f) may (i) appoint, employ, and fix the compensation and duties of the Executive Vice President of the Corporation and such other officers, attorneys, experts, employees, and agents as the Corporation shall determine; (ii) delegate to them any of the powers and duties vested in the President of the Corporation and provide for the redelegation thereof; and (iii) require bond of such of them as the Corporation may designate and fix the penalties and pay the premium of such bond: Provided, That with the exception of experts and consultants, appointments shall be made pursuant to the civilservice laws and the Classification Act of 1923, as amended;

"(g) may utilize and exercise any powers through, the facilities, officers, and employees of the Federal home-loan banks, or of any department, agency, corporation, or establishment of the Government; and may (without regard to the civil-service laws and the Classification Act of 1923, as amended) contract with any such agency or any other agency or individual or private corporation for the furnishing of any services or facilities, including appraisal, management, title, and other work in connection with property, and contract to make payment or reimbursement for any services or facilities;

"(h) may collect, compromise, and release contractual claims and obligations and pursue the same to final collection, institute proceedings for foreclosure on property covered by a mortgage or other lien, acquire any such property by voluntary conveyance or by purchase at foreclosure sale or otherwise, deal with, complete, rent, renovate, modernize, insure, or sell for

cash or credit at public or private sale any property acquired by the Corporation, acquire or continue insurance or guarantee of any mortgage or loan held by the Corporation, and take such other action as may be necessary to preserve or protect any loan, mortgage or lien or interest therein, or to realize on the value thereof;

"(i) may determine the necessity for and the character of its obligations and expenditures and the manner in which they shall be incurred, allowed, paid, and accounted for, subject to pertinent provisions of law applicable to Government corporations;

"(j) shall be entitled to the use of the United States mails in the same manner and under the same conditions as the other executive agencies of the Government;

"(k) may use any of the funds of the Corporation from any source to carry out any of its powers and duties and to pay any of its expenses or obligations; and

"(1) may exercise all powers specifically granted by the provisions of this title and such incidental powers as are necessary to carry out the powers and duties of the Corporation.

""TAXES

"'(SEC. 207. The Corporation, including but not limited to its franchise, capital, reserves, surplus, income, assets, and property of any kind, shall be exempt from all taxation and special assessments now or hereafter imposed by the United States or by any Territory, dependency or possession thereof, or by any State, county, municipality, or local taxing authority, except that any property acquired by the Corporation in foreclosure, or otherwise acquired to protect or realize on the value of a mortgage or other lien, shall be subject to taxation and assessment to the same extent, according to its value, as other property is taxed and assessed. All notes and other obligations of the Corporation shall be exempt, both as to principal and interest, from all taxes (except surtaxes, estate, inheritance, and gift taxes) by any State, county, municipality, or local taxing authority.

"GENERAL STATUTES AND RESTRICTIONS

"SEC. 208. (a) All general criminal and penal statutes of the United States relating to public moneys, property, or employees of the United States shall apply to public moneys, property, and employees of the Corporation. No officer or employee of the Corporation shall participate in any matter affecting his personal interests or the interests of any corporation, partnership, or association in which he is directly or indirectly interested. No individual, association, partnership, or corporation shall use the words "National Home Mortgage Corporation," or any combination of these four words, as the name, or part thereof, under which he or it shall do business. Any such use shall constitute a misdemeanor and shall be punishable by a fine not exceeding $1,000.

"(b) The Corporation shall have no authority or obligation to adjust, settle, or pay any tort claim arising out of the acts or the negligence of the Corporation or its officers, employees, or agents except as provided in the Federal Tort Claims Act, as amended, or in the Act entitled "An Act to provide compensation for employees of the United States suffering injuries while in the performance of their duties, and for other purposes," approved September 7, 1916, as amended. "(c) Section 101 of the Government Corporation Control Act, as amended, is hereby amended by adding the following before the period at the end thereof: "; and National Home Mortgage Corporation."

"ANNUAL REPORT

"SEC. 209. The Corporation shall make an annual report to the President, for transmission to the Congress, for each fiscal year, ending on June 30, to be transmitted not later than January 15 following the close of the fiscal year for which such report is made.

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""TITLE III-HOUSING RESEARCH

"SEC. 301. To assist in progressively reducing housing costs and increasing the production of better housing, and in making available necessary data on housing needs, demand, and supply, the Housing and Home Finance Administrator shall

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