Federal National Mortgage Association Charter Act: Hearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fifth Congress, 1st Session on S. 1397 ... June 7 and 8, 1977
U.S. Government Printing Office, 1977 - Government publications - 250 pages
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actions activities addition agency amend appointed areas Association authority Bank bankers believe bill billion Board of Directors borrowing capital CHAIRMAN Charter Act commitment committee concerned Congress contract conventional corporation cost Court debt Development effect fact Federal Federal National Mortgage financing FNMA FNMA's function funds going Government HARRIS hearing home mortgages housing impairment important income increase inner city insured interest investment investors involved issue legislation lenders lending liquidity loans meeting mortgage market MURRAY neighborhood obligations operations percent period present President problem proposed protect public interest public purpose purchase question rates reasonable record represent responsibility risk role secondary market Secretary securities Senator servicing shareholders standards statement stockholders tion United urban
Page 29 - ... provide supplementary assistance to the secondary market for home mortgages by providing a degree of liquidity for mortgage investments, thereby improving the distribution of investment capital available for home mortgage financing...
Page 39 - There is a clear distinction between the power of the Congress to control or interdict the contracts of private parties when they interfere with the exercise of its Constitutional authority, and the power of the Congress to alter or repudiate the substance of its own engagements when it has borrowed money under the authority which the Constitution confers.
Page 29 - Congress) for the financing of (a) selected types of home mortgages (pending the establishment of their marketability) originated under special housing programs designed to provide housing of acceptable standards at full economic costs for segments of the national population which are unable to obtain adequate housing under established home financing programs...
Page 29 - ... (C) manage and liquidate the existing mortgage portfolio of the Federal National Mortgage Association in an orderly manner, with a minimum of adverse effect upon the home mortgage market and minimum loss to the Federal Government. "CREATION OF ASSOCIATION "Sec. 302. (a) There is hereby created a body corporate to be known as the 'Federal National Mortgage Association' (hereinafter referred to as the •Association'), which shall be a constituent agency of the Housing and Home Finance Agency.
Page 74 - The Secretary may require that a reasonable portion of the corporation's mortgage purchases be related to the national goal of providing adequate housing for low and moderate income families, but with reasonable economic return to the corporation.
Page 30 - ... which are deemed by the corporation to be of such quality, type, and class as to meet, generally, the purchase standards imposed by private institutional mortgage investors.
Page 71 - Association and that she may require that a reasonable portion of the corporation's mortgage purchases be related to the national goal of providing adequate housing for low- and moderate-income families, but with reasonable economic return to the corporation.
Page 30 - Association shall be available to retire the preferred stock held by the Secretary of the Treasury as rapidly as the Association shall deem feasible.
Page 38 - The Contract Clause is not an absolute bar to subsequent modification of a State's own financial obligations. As with laws impairing the obligations of private contracts, an impairment may be constitutional if it is reasonable and necessary to serve an important public purpose.