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S. 810SUMMARY OF MORTGAGE MARKET FACILITIES ACT OF 1963
TITLE –SHORT TITLE, STATEMENT OF PURPOSE, AND DEFINITIONS Section 101. Short title: Contains a table of contents and provides that the act may be cited as the “Mortgage Market Facilities Act of 1963."
Section 102. Statement of policy: Provides that “the Congress desires to make additional facilities available to increase the market for conventional and insured mortgages as a means of improving the housing conditions of the American people.”
Section 103. Definitions: Provides definitions of the following terms used throughout the act: "Joint Board,” “Chairman," "mortgage," "first mortgage,” “mortgage insurance corporation,” “mortgage marketing corporation," and “United States."
TITLE II-JOINT SUPERVISORY BOARD FOR MORTGAGE INSURANCE AND MARKETING
Section 201. Establishment: Provides for the creation of a Joint Supervisory Board for Mortgage Insurance and Marketing Corporations (Joint Board) to consist of five members, with its principal office in the District of Columbia.
Section 202. Chairman and Directors : Subsection (a) provides for the ap pointment of the Chairman of the Joint Board by the President, by and with the advice and consent of the Senate. The Chairman is to serve a 6-year term at a salary of $ per annum. Subsection (b) provides that in addition to the Chairman, the Directors of the Joint Board shall be the Comptroller of the Currency, the Chairman of the Federal Home Loan Bank Board, and the Chairman of the Federal Deposit Insurance Corporation, all ex officio; and a person appointed by the President from among persons recommended by the supervisors of banking in the various States who shall serve for a term of 6 years at a stated salary. All decisions of the Board to be effective shall require the affirmative vote of at least three Directors, at least one of whom shall be other than an ex officio Director. Each ex officio Director may delegate his duties and responsibilities under the act to an assistant.
Section 203. General powers : Subsection (a) provides the Joint Board with power to charter, audit, inspect, and examine corporations organized under the act, to require such corporations to prepare and file reports, to subpena witnesses, to hold hearings, and to issue rules and regulations. The Joint Board is to send an annual report to Congress. Subsection (b) pertains to employees of the Joint Board. Subsection (c) allows the Joint Board to avail itself of the use of information, services, etc., of other Government agencies on a reimbursable basis.
Section 204. Taxation provisions : Provides that corporations organized under this act shall be subject to taxation to the same extent as State-chartered corporations.
Section 205. Expenses : Authorizes appropriations as may be necessary for salaries and other necessary expenses of the Joint Board. Beginning with the third full year after enactment of the act, the Joint Board will assess corporations organized under this act in amounts sufficient to cover expenses of the Joint Board. Amounts thus assessed will be paid into the Treasury.
Section 206. Forfeiture of charter : Establishes a procedure for involuntary forfeiture of the charter of a corporation established under this act and liquidation of the corporation.
Section 207. Injunction: Provides that the Joint Board may bring an action to enjoin a violation of the act and to enforce compliance with the act.
Section 208. Removal of director, officer, etc.: Provides for a procedure whereby the Joint Board may remove a director, officer, attorney, employee, or agent of a corporation organized under the act for cause.
Section 209. Review of order, rehearing: Provides for judicial review and rehearing of an order of the Joint Board removing an individual from office.
TITLE III-MORTGAGE INSURANCE CORPORATIONS
Section 301. Establishment: Provides for the chartering by the Joint Board of mortgage insurance corporations upon the approval of an application submitted by not less than five natural persons of good repute.
Section 302. Insurance authorization : Subsection (a) authorizes a mortgage insurance corporation organized under this act to (1) insure not less than 100 percent of the unpaid principal and interest on loans in the form of obligations secured by mortgages ; and (2) establish, through action by the Board of Directors, an adequate insurance premium for such insurance which shall be set, and the initial capital be allocated, so that there shall be maintained at all times unimpaired capital, surplus, and undivided profits in an aggregate amount, upon the basis of market value, of not less than 5 percent of the unpaid principal amounts of all outstanding contracts of mortgage insurance. At least 50 percent of the capital shall be invested in obligations of or guaranteed by the United States and the remainder in other obligations or securities approved by the Joint Board. All other funds shall be safely invested with due regard to the purpose of the corporation. Subsection (b) provides that a loan insured by a mortgage insurance corporation shall have a maximum term not exceeding 30 years; shall be secured by an amortized mortgage, deed of trust, or other such instrument under the terms of which payments shall be made in equal amounts from month to month and are sufficient to: (1) amortize the entire principal of the loan within the period ending on the date of its maturity; (2) cover interest applicable to each payment period ; and (3) cover the premium applicable to each payment period; shall have a loan-to-value ratio not exceeding 90 percent of appraised value as approved by the corporation or sales price, whichever is less ; shall be in an amount not exceeding $30,000; shall be on a one-to-four family residential property or condominium which is or will be occupied in whole or in part by the mortgagor; and shall be originated and serviced by an organization approved by the mortgage insurance corporation.
Section 303. Payment: Provides that a mortgage insurance corporation organized under this title shall pay in cash without delay the insurance claims of any applicant submitting appropriate evidence of ownership of a defaulted loan insured under authority conferred by this act, but such payment shall not be made until (1) there is a default in any payment of principal or interest on the loan or the insurance premium and such default is not cured by subsequent payment in not less than 91 days; (2) the mortgagee conveys to the mortgage insurance corporation clear title to the property; and (3) the mortgagee assigns to the mortgage insurance corporation all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction, except such claims as may have been released with the consent of the Joint Board. Such payment shall include interest and allowances (including foreclosure costs) from time of default as approved under regulations of the Joint Board in effect at the time the mortgage was insured.
Section 304. Succession: Provides that "each mortgage insurance corporation organized under this title shall have succession from the date of its organization unless it is dissolved by act of its shareholders or its franchise becomes forfeited by order of the Joint Board.”
Section 305. General powers: Empowers mortgage insurance corporations to adopt and use a corporate seal, to adopt bylaws, to make contracts, etc.
Section 306. Citizenship: Provides that a mortgage insurance corporation shall be deemed a citizen of the State in which its principal office is located.
Section 307. Capital requirements: Provides that the minimum subscribed initial capital shall be $25 million and shall be represented by shares of stock each with a par value of $100. No authorization to commence business shall be granted by the Joint Board to any mortgage insurance corporation until the Joint Board is satisfied that initial capital in the amount of not less than $5 million par value has been subscribed for at not less than par and paid in full in cash.
Section 308. Directors and officers: Provides for a board of directors of at least 9 but no more than 15 to be elected by the shareholders. The board of directors is to elect the officers.
TITLE IV-MORTGAGE MARKETING CORPORATIONS
Section 401. Establishment: Provides for establishment of mortgage marketing corporation in the same manner as is provided for mortgage insurance corporations in section 301 above.
Section 402. Trading and debenture-insuring authorization: Authorizes mortgage marketing corporations to: (1) purchase, sell, and service mortgages on one to four-family residential property and which are insured by mortgage insurance corporation or insured or guaranteed by an agency of the United States; (2) publish data with respect to mortgages ; (3) issue, with the approval of the Joint Board, and to have outstanding bonds, notes, or other obligations up to a maximum of 20 times the sum of its capital, surplus reserves, and undistributed earnings; (4) set underwriting fees, maturities, interest rates, etc., within the limits of standards prescribed by Joint Board regulations; and (5) purchase its outstanding obligations in the open market.
Section 403. Succession. Section 404. General powers. Section 405. Citizenship: Provisions identical to those pertaining to mortgage insurance corporations in sections 304, 205, and 306 above.
Section 404. General powers: Empowers mortgage marketing corporations to adopt and use a corporate seal, to adopt bylaws, to make contracts, etc.
Section 405. Citizenship: Provides that a mortgage marketing corporation shall be deemed a citizen of the State in which its principal office is located.
Section 406. Capital requirements: Provides that no authorization to commence business shall be granted by the Joint Board to any mortgage marketing corporation until the Joint Board is satisfied that initial capital in the amount of not less than $5 million par value has been subscribed for at not less than par and paid in full in cash. Such capital shall be represented by shares of stock each with a par value of $100.
Section 407. Directors and officers: This provision is identical with section 308 above, which pertains to mortgage insurance corporations.
TITLE V-CHANGES IN RELATED STATUTES
Section 501. National Bank Act: Subsection (a) amends paragraph 7 of section 5136, U.S. Revised Statutes (12 U.S.C. 24) so as to permit a national bank to purchase for its own account shares in mortgage insurance corporations and/or mortgage marketing corporations in an amount not exceeding 5 percent of the capital and surplus of the bank in either type of corporation.
Subsection (b) amends the same statute so as to permit a national bank to deal in, underwrite, and purchase for its own account, obligations of mortgage marketing corporations.
Section 502. Federal Reserve Act: Amends section 24 of the Federal Reserve Act (12 U.S.C. 371) so as to exempt corporations organized under the act from the maturity and loan-value percentage limitations of that section.
Section 503. Federal Home Loan Bank Act: Amends section 11 of the Federal Home Loan Bank Act (12 U.S.C. 1464(c)) so as to permit a Federal home loan bank to invest assets in obligations of mortgage marketing corporations to the same extent as it may invest in obligations of the United States, in obligations of the FNMA, and in other securities under present law.
Section 504. Home Owners Loan Act: Amends section 5(c) of the Home Owners Loan Act so as to permit a Federal savings and loan association, within certain limits, to invest in stock of mortgage insurance corporations and mortgage marketing corporations, and in obligations of the latter.
Section 505. Securities Act of 1933: Exempts securities issued by mortgage insurance corporations and by mortgage marketing corporations from the requirements of the Securities Act of 1933.
Section 506. Investment Company Act of 1940: Exempts mortgage insurance corporations and mortgage marketing corporations from the Investment Company Act of 1940.
IN THE SENATE OF THE UNITED STATES
FEBRUARY 18, 1963 Mr. SPARKMAN introduced the following bill; which was read twice and referred
to the Committee on Banking and Currency
To enable Federal home loan banks to implement their
services to their member institutions by establishing a secondary marketing facility for participations in conventional home mortgage loans.
Be it enacted by the Senate and House of Representa
2 tives of the United States of America in Congress assembled, 3 That this Act may be cited as the “Home Mortgage Corpora
(1) the term “Corporation" means the Home Mortgage Corporation;
(2) the term "Board” means the Board of Directors
of the Corporation; and
(3) the term “mortgage” means a first mortgage on real estate, in fee simple, or on a leasehold (A) under a lease for not less than ninety-nine years which is renewable, or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed; and the term “first mortgage” means such classes of first liens as are commonly given
to secure advances on, or the unpaid purchase price of,
real estate, under the laws of the State in which the real
estate is located, together with the credit instrument,
if any, secured thereby.
ESTABLISHMENT OF CORPORATION
15 SEC. 3. (a) There is hereby created a Home Mortgage 16 Corporation which shall have power to buy and sell, and 17 otherwise deal in its discretion with, participations in mort18 gages on residential properties containing not more than four 19 family units.
(b) The management of the Corporation shall be vested
21 in a Board consisting of (1) the members of the Federal 22 Home Loan Bank Board, and (2) the presidents of the Fed
23 eral home loan banks. The Chairman of the Federal
24 Home Loan Bank Board shall name one of such presidents
25 as Chairman of the Board. The Board shall have power to