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H.R. 4602 (99th): FHA and GNMA Credit Commitment Assistance Act of 1986


The text of the bill below is as of May 2, 1986 (Passed Congress).


100 STAT. 412                  PUBLIC LAW 99-289—MAY 2, 1986
                Public Law 99-289
                99th Congress
                                                 An Act
                To authorize the Federal Housing Administration and the Government National
  May 2, 1986     Mortgage Association to enter into additional commitments to insure loans and
  [H.R. 4602]    guarantee mortgage-backed securities during fiscal year 1986, and for other
                  purposes.

                 Be it enacted by the Senate and House of Representatives of the
                United States of America in Congress assembled,
12 u s e 1721   SECTION 1. FEDERAL HOUSING ADMINISTRATION FUND.
                  (a) The applicable limitation on additional commitments to insure
                mortgages and loans to carry out the purposes of the National
12 use 1701.     Housing Act during fiscal year 1986 is increased by an additional
                $17,000,000,000 of mortgage and loan principal.
Ante, p. 73.       (b) Each provision of law amended by Public Law 99-267 is
                amended by striking out "April 30, 1986" wherever it appears and
                inserting in lieu thereof "June 6,1986".
12 u s e 1721   SEC. 2. GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GUARANTEES
note                      OF MORTGAGE-BACKED SECURITIES.
                  The applicable limitation on new commitments to issue guaran-
                tees to carry out the purposes of section 306 of the National Housing
12 use 1721.     Act during fiscal year 1986 is increased by an additional
                $60,684,750,000 of principal.
12 u s e 1721   SEC. 3. ADMINISTRATIVE PROVISION.
                   (a) The Secretary of Housing and Urban Development (hereinafter
                referred to as the "Secretary") shall estimate the rates at which the
                authority to make commitments to insure mortgages and loans
                under the National Housing Act, and the authority to make commit-
                ments to issue guarantees under section 306(g) of that Act, are likely
                to be used for the remainder of any fiscal year. The Secretary shall
                make these estimates at such times as the Secretary deems appro-
                priate, but not less frequently than monthly.
                   (b) If an estimate under subsection (a) indicates that either limita-
                tion on authority to make commitments for a fiscal year referred to
                in subsection (a) will be reached before the end of that fiscal year, or
                in any event whenever 75 per centum of either authority to make
                commitments has been utilized, the Secretary shall promptly so
                notify the Committee on Appropriations and the Committee on
                Banking, Housing, and Urban Affairs of the Senate and the Commit-
                tee on Appropriations and the Committee on Banking,
                Finance and Urban Affairs of the House of Representatives.
                  Approved May 2, 1986.


                LEGISLATIVE HISTORY—H.R. 4602:
                CONGRESSIONAL RECORD, Vol. 132 (1986):
                    Apr. 21, considered and passed House.
                    Apr. 29, considered and passed Senate, amended.
                    Apr. 30, House concurred in Senate amendment.