2 TABLE OF CONTENTS TITLE I-SHORT TITLE, STATEMENT OF PURPOSE, and Definitions Sec. 101. Short title. Sec. 102. Statement of purpose. Sec. 103. Definitions. TITLE II-JOINT SUPERVISORY BOARD FOR MORTGAGE INSURANCE AND 3 SEC. 103. As used in this Act— (1) the term "Joint Board" means the Joint Super- visory Board for Mortgage Insurance and Marketing Corporations created under title II, (2) the term "Chairman" means the Chairman of (3) the term "mortgage" means the 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 mort- gage was executed; and the term "first mortgage" means such classes of first liens as are commonly given ments, if any, secured thereby; (4) the term "mortgage insurance corporation" means a mortgage insurance corporation organized as (5) the term "mortgage marketing corporation" 1 2 3 4 5 4 means a mortgage marketing corporation organized as provided in title IV; and (6) the term "United States" means the several States, the District of Columbia, and the Commonwealth of Puerto Rico. 6 TITLE II-JOINT SUPERVISORY BOARD FOR 7 8 9 10 MORTGAGE INSURANCE AND MARKETING ESTABLISHMENT 11 12 SEC. 201. In order to carry out the provisions of this Act, there is hereby created a Joint Supervisory Board for Mortgage Insurance and Marketing Corporations which shall 13 be an agency within the executive branch of the Federal 14 Government. The principal office of the Joint Board shall 15 be located in the District of Columbia. The Joint Board 16 shall consist of a Chairman and four other directors. 17 18 CHAIRMAN AND DIRECTORS SEC. 202. (a) The Chairman of the Joint Board shall 19 be appointed by the President, by and with the advice and consent of the Senate, and shall be a person familiar with the 20 21 problems of the national mortgage market. The term of the 22 Chairman shall be six years. The Chairman shall not en gage in any other business, vocation, or employment than that of serving as Chairman. The salary of the Chairman 25 shall be $ per annum. In case of absence or disa 5 1 bility of the Chairman, the director on the Joint Board, who 2 is appointed by the President as provided in subsection (b) 3 4 of this section, shall act as Chairman. (b) In addition to the Chairman, the directors of the 5 Joint Board shall be the Comptroller of the Currency, the 6 Chairman of the Federal Home Loan Bank Board, and the 7 Chairman of the Federal Deposit Insurance Corporation, 8 all ex officio, and a person, selected by the President from 9 among the persons recommended by the supervisors of bank10 ing in the various States, who shall be appointed by the 11 President, by and with the advice and consent of the Senate, 12 for a term of six years. The salary of the director so ap13 pointed shall be $ per annum. All decisions of the 14 Board to be effective shall require the affirmative vote of at 15 least three directors, at least one of whom shall be other 16 than an ex officio director. Each ex officio director may 17 delegate the duties and responsibilities assigned to such ex 18 officio director by this Act to an assistant, who shall have the power to act in the place and stead of such ex officio director 20 with respect to matters arising under this Act. 19 21 22 GENERAL POWERS SEC. 203. (a) The Joint Board shall have power to do 23 all things which are necessary or incidental to the proper management of the affairs of the Joint Board and for the 24 25 proper conduct of its business, including, but not limited to, 6 1 the power to charter, audit, inspect, and examine corpora 2 tions organized under this Act, to require such corporations 3 to prepare and file with the Joint Board such reports as the 4 Joint Board may specify from time to time, to subpena wit5 nesses, to hold hearings, and to issue rules and regulations 6 governing the performance of its functions. At least once 7 each fiscal year the Joint Board shall prepare and send to 8 the Senate and to the House of Representatives an annual 9 report, which report shall set forth in full the activities of the 10 Joint Board and shall include statistical data covering the 11 operations during the preceding fiscal year of corporations 12 organized under this Act. 13 (b) The Chairman shall have power to select, appoint, 14 or employ and to fix the compensation of such officers, attorneys, employees, and agents and to vest them with such 15 16 powers and duties as he may determine to be necessary for 17 the performance of the duties of the Joint Board under this 18 Act. Bonds may be required for the faithful performance of 19 the duties of persons so employed, and the Joint Board may 20 21 225 223 pay the premiums therefor. (c) With the consent of any Government corporation or Federal Reserve bank, or of any board, commission, in23 dependent establishment, or executive department or agency 24 of the Government, the Board may avail itself on a reim 25 bursable basis of the use of information, services, facilities, |