Each modification shall be made by contributing to each such amount (as it might have been previously changed) a percentage thereof equivalent to the portion boost, throughout the most recent 12-month or 4-quarter duration ending before the time of determining such yearly change, in the housing rate index kept by the Director of the Federal Housing Finance Agency (pursuant to section 4542 of this title). If the change in such house cost index during the most current 12-month or 4-quarter duration ending before the time of determining such annual adjustment is a decrease, then no modification shall be produced the next year, and the next adjustment shall take into account prior decreases in the home rate index, so that any adjustment will reflect the net modification in your home rate index since the last adjustment. Declines in the house price index shall be built up and then decrease increases till subsequent increases exceed prior decreases." for "Such restrictions shall not go beyond $93,750 for a mortgage secured by a single-family house, $120,000 for a mortgage secured by a two-family house, $145,000 for a mortgage protected by a three-family residence, and $180,000 for a mortgage secured by a four-family residence, other than that such maximum restrictions will be changed effective January 1 of each year beginning with 1981. Each such adjustment shall be made by contributing to each such amount (as it may have been formerly adjusted) a percentage thereof equivalent to the portion boost during the twelve-month duration ending with the previous October in the nationwide typical one-family home cost in the regular monthly survey of all major lenders conducted by the Federal Housing Finance Board." and placed last sentence.

1998-Subsec. (a)( 2 ). Pub. L. 105-276, § 582(a)( 14 ), struck out penultimate sentence which checked out as follows: "With respect to mortgages protected by residential or commercial property making up five or more household dwelling units, such restrictions will not exceed 125 per centum of the dollar amounts set forth in area 207(c)( 3) of the National Housing Act, other than that such constraints may be increased by the Corporation (considering building and construction costs) to not to exceed 240 per centum of such dollar quantities in any geographical location for which the Secretary of Housing and Urban Development determines under such area that cost levels require any boost in the dollar quantity limitations under such section."

Pub. L. 105-276, § 202(a), which directed the amendment of the first sentence of par. (2) by striking out "or" at end of cl. (B) and substituting "; or (D) the mortgage is subject to default loss protection that the Corporation figures out is financially equivalent or superior, on an individual or pooled basis, to the defense offered by provision (C) of this sentence: Provided, That if the Director of the Office of Federal Housing Enterprise Oversight consequently discovers that such default loss security identified by the Corporation does not provide such equal or superior security, the Corporation shall supply such additional default loss defense for such mortgage, as authorized by the Director of the Office of Federal Housing Enterprise Oversight, needed to offer such equal or remarkable protection." for the duration at end, was repealed by Pub. L. 105-277, reliable upon enactment of Pub. L. 105-276.

1992-Subsec. (a)( 1 ). Pub. L. 102-550, § 1382(j), in very first sentence, replaced a duration for "from any Federal mortgage bank, the Resolution Trust Corporation, the Federal Deposit Insurance Corporation, the National Cooperative Credit Union Administration, any member of a Federal mortgage bank, or any other monetary institution the deposits or accounts of which are guaranteed by a firm of the United States, or from any monetary institution the deposits or accounts of which are guaranteed under the laws of any State if the total amount of time and cost savings deposits kept in all such institutions because State is more than 20 per centum of the overall amount of such deposits in all banks, building and loan, savings and loan, and homestead associations (including cooperative banks) because State or from any mortgagee authorized by the Secretary of Housing and Urban Development for involvement in any mortgage insurance coverage program under the National Housing Act or from any utility performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act if the domestic mortgage to be purchased is a loan or advance of credit the original earnings of which are looked for in order to finance the purchase and installation of residential energy conservation procedures (as specified in area 210( 11) of the National Energy Conservation Policy Act) in property realty." and in 2nd sentence, replaced a period for ", and the servicing on any such mortgage may be performed by the seller or by a monetary organization certified as a seller under the provisions of the preceding sentence, or by a mortgagee authorized by the Secretary of Housing and Urban Development for involvement in any mortgage insurance coverage program under the National Housing Act, with which institution or mortgagee the seller may contract."

Subsec. (a)( 2 ). Pub. L. 102-550, § 1382(k), replaced "Hawaii, and the Virgin Islands" for "and Hawaii" in last sentence.

Subsec. (c). Pub. L. 102-550, § 1382(l), (m), added subsec. (c) and set out previous subsec. (c) which checked out as follows: "The Board of Directors may not enforce any yearly constraint on the optimum aggregate principal amount of mortgages bought by the Corporation."

1989-Subsec. (a)( 1 ). Pub. L. 101-73, § 731(e)( 1 ), (f)( 2 )(A), substituted "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and placed at end "Nothing in this area licenses the Corporation to enforce any charge or cost upon any mortgagee authorized by the Secretary of Housing and Urban Development for involvement in any mortgage insurance coverage program under the National Housing Act solely due to the fact that of such status."

Subsec. (a)( 2 ). Pub. L. 101-73, § 731(f)( 2 ), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and "Federal Housing Finance Board" for "Federal Mortgage Bank Board".

Subsec. (a)( 5 ). Pub. L. 101-73, § 731(e)( 2 ), added par. (5 ).

Subsec. (b). Pub. L. 101-73, § 731(f)( 2 )(A), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation".

1988-Subsec. (a)( 4 )(A)(i). Pub. L. 100-242, § 443(b), started out "through March 15, 1988," before "property mortgages".

Subsec. (a)( 4 )(A)(ii). Pub. L. 100-628 struck out "till October 1, 1985," before "domestic mortgages".

Subsec. (c). Pub. L. 100-242, § 445, added subsec. (c).

1987-Subsec. (a)( 4 )(A)(i). Pub. L. 100-200 substituted "March 15, 1988" for "December 16, 1987".

Pub. L. 100-179 substituted "December 16, 1987" for "December 2, 1987".

Pub. L. 100-170 substituted "December 2, 1987" for "November 15, 1987".

Pub. L. 100-154 substituted "November 15, 1987" for "October 31, 1987".

Pub. L. 100-122 substituted "through October 31, 1987" for "until October 1, 1987".

1984-Subsec. (a)( 2 ). Pub. L. 98-440, § 205(b), which directed insertion of "secured by a residential or commercial property comprising one- to four-family residence units" after "mortgages" where first appearing in first sentence was executed by placing that phrase after "No traditional mortgage" as the likely intent of Congress.

Pub. L. 98-440, § 201(b), replaced "The Corporation will establish restrictions governing the maximum initial primary commitment of traditional mortgages that are acquired by it; in any case in which the Corporation purchases an involvement interest in such a mortgage, the limitation shall be calculated with regard to the total original primary responsibility of the mortgage and not merely with regard to the interest purchased by the Corporation" for "The Corporation will governing the maximum principal commitment of traditional mortgages bought by it".

Pub. L. 98-440, § 206(b), inserted arrangement that the limitations set forth in section 1713(c)( 3) of this title may be increased by the Corporation (taking into consideration building and construction expenses) to not to surpass 240 per centum of such dollar amounts in any geographical area for which the Secretary of Housing and Urban Development figures out under such area that expense levels needed any boost in the dollar quantity constraints under such area.

Subsec. (a)( 4 ). Pub. L. 98-440, § 203(b)( 2 ), added par. (4 ).

1981-Subsec. (a)( 1 ). Pub. L. 97-110, § 203, added the Federal Deposit Insurance Corporation and the National Credit Union Administration to the enumeration of firms from which the Federal Mortgage Mortgage Corporation is licensed to buy domestic mortgages.

Subsec. (a)( 2 ). Pub. 97-110, § 202(a), replaced provisions licensing the Corporation to acquire a standard mortgage which was originated more than one year prior to the purchase date just if the seller is the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, or any other seller currently taken part in mortgage lending or investing activities for arrangements which had actually authorized the Corporation to acquire a conventional mortgage which was stemmed more than one year prior to the purchase date only if the seller was currently taken part in mortgage financing or investing activities and if, as an outcome thereof, the cumulative aggregate of the primary balances of all traditional mortgages purchased by the Corporation which were come from more than one year prior to the date of purchases did not go beyond 20 per centum of the cumulative aggregate of the principal balances of all traditional mortgages acquired by the Corporation.

Pub. L. 97-110, § 202(b)( 1 ), inserted arrangement that, with regard to any transaction in which a seller contemporaneously offers mortgages stemmed more than one years of age previous to the date of sale to the Corporation and receives in payment for such mortgages securities representing concentrated interests only in those mortgages, the Corporation shall not impose any charge or charge upon a qualified seller which is not a member of a Federal Mortgage Bank which varies from that enforced upon a qualified seller which is such a member.

Subsec. (b). Pub. L. 97-110, § 203, included the Federal Deposit Insurance Corporation and the National Credit Union Administration to the enumeration of companies having the authority to enter into and to carry out and carry out transactions and matters described in this section.

1980-Subsec. (a)( 1 ). Pub. L. 96-294 inserted arrangements associating with public energies performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act.

Subsec. (a)( 2 ). Pub. L. 96-399 placed arrangements setting forth restrictions appreciating mortgages protected by a single-family house, etc, and struck out arrangements making the constraints set forth in first proviso of very first sentence of section 1464(c) of this title.

1978-Subsec. (a)( 1 ). Pub. L. 95-557 inserted recommendation to any mortgagee approved by the Secretary of Housing and Urban Development at end of very first sentence, and inserted last 5 sentences associating with imposition of charges or fees for different classes of sellers or servicers, etc 1977-Subsec. (a)( 2 ). Pub. L. 95-128 placed "by more than 25 per centum" after "exceed" in last sentence.

1974-Subsec. (a)( 1 ). Pub. L. 93-495 inserted provisions associating with State insurance coverage of deposits or accounts in banks.

Pub. L. 93-383, § 805(a), replaced ". The Corporation may hold" for ", and to hold" and inserted arrangements associating with the servicing of any such mortgage by the seller or certified financial institution.

Subsec. (a)( 2 ). Pub. L. 93-383, § 805(b), replaced "80" for "75" in two locations and "not go beyond 20" for "not go beyond 10", started out "personal" before "insurance company" in cl. (C), and substituted provisions connecting to limitations consisted of in very first proviso of very first sentence of section 1464(c) of this title, for provisions connecting to constraints applicable if the mortgage were guaranteed by the Secretary under area 1709(b) or 1713 of this title.