National Housing Act


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National Housing Act

Legislation in the United States, passed in 1934, that established the Federal Housing Administration and the Federal Savings and Loan Insurance Corporation. The FHA provides mortgages to those who otherwise may not be able to afford them. The FSLIC gave insurance to savings and loan corporations, which reduced the likelihood that savings and loans would go bankrupt and therefore made it less risky for them to make mortgage loans. Both aspects of the Act were intended to increase American homeownership. It was part of the New Deal.
References in periodicals archive ?
The impasse between the Alberta government and the financial institutions was not broken until 1944, when the long awaited National Housing Act came into force.
In this case, revisiting the 1987 National Housing Act "manifesto" makes it clear that the act sought to address the special needs of all elderly homeowners--as a class, that is, as opposed to addressing the needs of only some elderly homeowners.
Fitch deems a six months time horizon for liquidation in a stressful scenario to be feasible because the mortgages are insured by Canada Mortgage and Housing Corporation (CMHC) and therefore eligible for repackaging into National Housing Act mortgage-backed securities (NHA-MBS) and the Canada Mortgage Bond (CMB) programme.
3173) would revise the National Housing Act to allow FHA to offer a zero-down-payment product by eliminating the current provision requiring the borrower to provide minimum cash investment.
In June 2002, three mortgages in AIM 84's portfolio were put to FHA under the Section 221 program of the National Housing Act and, in July 2002, one mortgage prepaid.
The pledged receipts are made up of HUD mortgage subsidy payments received pursuant to Section 236 (b) of the National Housing Act, project owner mortgage payments and Port Authority contract payments.
2597, although it would like to see additional changes to the National Housing Act that would empower FHA with a funding mechanism to improve its technology and to better manage its human resources.
Fitch deems a six-month time horizon for liquidation in a stressful scenario to be feasible because the mortgages are insured by Canada Mortgage and Housing Corporation (CMHC) and therefore eligible for repackaging into National Housing Act mortgage-backed securities (NHA-MBS) and the Canada Mortgage Bond (CMB) programme.
5121 would, among other things, seek to "modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers," according to the bill.
5 cents per unit return of capital and gain as detailed below, due to redemption of FHA debentures issued under the Section 221 program of the National Housing Act of 1937: Claim for Mortgage on Summit Square Manor 15 cents Park Place 6 cents Park Hill Apartments 14 cents Fairfax House 17 cents Woodland Villas 2.
The new law amended Section 203(k) of the National Housing Act and not only committed HUD's Federal Housing Administration (FHA) to insuring rehabilitation mortgages but also created the moniker by which the program is known today: the 203(k) program.
Pursuant to Section 302 (b)(2) of the National Housing Act and Section 305 (a)(2) of the Emergency Home Finance Act of 1970, as amended, the maximum original loan amount for conforming home mortgages for 2002 is $300,700.
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