Each modification shall be made by contributing to each such amount (as it may have been previously changed) a portion thereof equivalent to the percentage increase, during the most recent 12-month or 4-quarter period ending before the time of figuring out such annual change, in the housing rate index maintained by the Director of the Federal Housing Finance Agency (pursuant to section 4542 of this title). If the modification in such house cost index during the most current 12-month or 4-quarter period ending before the time of determining such yearly change is a reduction, then no modification shall be produced the next year, and the next adjustment will take into account prior declines in the house rate index, so that any adjustment shall show the net modification in your home cost index since the last adjustment. Declines in your home price index will be collected and after that reduce boosts till subsequent boosts exceed previous declines." for "Such restrictions will not surpass $93,750 for a mortgage protected by a single-family home, $120,000 for a mortgage secured by a two-family house, $145,000 for a mortgage secured by a three-family home, and $180,000 for a mortgage protected by a four-family home, except that such maximum constraints shall be changed reliable January 1 of each year beginning with 1981. Each such adjustment will be made by contributing to each such quantity (as it might have been previously changed) a portion thereof equal to the percentage boost during the twelve-month period ending with the previous October in the nationwide typical one-family house cost in the regular monthly study of all major loan providers carried out by the Federal Housing Finance Board." and placed last sentence.

1998-Subsec. (a)( 2 ). Pub. L. 105-276, § 582(a)( 14 ), set out penultimate sentence which checked out as follows: "With regard to mortgages secured by residential or commercial property consisting of 5 or more family residence systems, such restrictions will not go beyond 125 per centum of the dollar amounts stated in area 207(c)( 3) of the National Housing Act, other than that such restrictions may be increased by the Corporation (taking into account construction costs) to not to surpass 240 per centum of such dollar quantities in any geographical area for which the Secretary of Housing and Urban Development determines under such area that expense levels require any boost in the dollar quantity limitations under such section."

Pub. L. 105-276, § 202(a), which directed the modification of the very first sentence of par. (2) by striking out "or" at end of cl. (B) and replacing "; or (D) the mortgage undergoes default loss protection that the Corporation identifies is economically equivalent or remarkable, on an individual or pooled basis, to the defense offered by stipulation (C) of this sentence: Provided, That if the Director of the Office of Federal Housing Enterprise Oversight consequently finds that such default loss defense identified by the Corporation does not supply such equivalent or remarkable defense, the Corporation will supply such extra default loss security for such mortgage, as authorized by the Director of the Office of Federal Housing Enterprise Oversight, essential to provide such equivalent or exceptional protection." for the period at end, was repealed by Pub. L. 105-277, efficient upon enactment of Pub. L. 105-276.

1992-Subsec. (a)( 1 ). Pub. L. 102-550, § 1382(j), in very first sentence, substituted a duration for "from any Federal mortgage bank, the Resolution Trust Corporation, the Federal Deposit Insurance Corporation, the National Credit Union Administration, any member of a Federal mortgage bank, or any other monetary organization the deposits or accounts of which are guaranteed by a firm of the United States, or from any financial institution the deposits or accounts of which are guaranteed under the laws of any State if the overall amount of time and savings deposits held in all such organizations in that State is more than 20 per centum of the overall amount of such deposits in all banks, structure and loan, savings and loan, and homestead associations (including cooperative banks) because State or from any mortgagee approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act or from any public utility performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act if the property mortgage to be purchased is a loan or advance of credit the original proceeds of which are made an application for in order to finance the purchase and installation of domestic energy conservation measures (as defined in area 210( 11) of the National Energy Conservation Policy Act) in property real estate." and in 2nd sentence, substituted a period for ", and the maintenance on any such mortgage may be performed by the seller or by a financial organization qualified as a seller under the arrangements of the preceding sentence, or by a mortgagee approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act, with which organization or mortgagee the seller might contract."

Subsec. (a)( 2 ). Pub. L. 102-550, § 1382(k), substituted "Hawaii, and the Virgin Islands" for "and Hawaii" in last sentence.

Subsec. (c). Pub. L. 102-550, § 1382(l), (m), included subsec. (c) and set out former subsec. (c) which checked out as follows: "The Board of Directors might not impose any annual restriction on the maximum aggregate principal quantity of mortgages purchased by the Corporation."

1989-Subsec. (a)( 1 ). Pub. L. 101-73, § 731(e)( 1 ), (f)( 2 )(A), substituted "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and inserted at end "Nothing in this section licenses the Corporation to impose any charge or fee upon any mortgagee approved by the Secretary of Housing and Urban Development for involvement in any mortgage insurance program under the National Housing Act solely because of such status."

Subsec. (a)( 2 ). Pub. L. 101-73, § 731(f)( 2 ), substituted "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation" and "Federal Housing Finance Board" for "Federal Mortgage Bank Board".

Subsec. (a)( 5 ). Pub. L. 101-73, § 731(e)( 2 ), added par. (5 ).

Subsec. (b). Pub. L. 101-73, § 731(f)( 2 )(A), replaced "Resolution Trust Corporation" for "Federal Savings and Loan Insurance Corporation".

1988-Subsec. (a)( 4 )(A)(i). Pub. L. 100-242, § 443(b), set out "through March 15, 1988," before "domestic mortgages".

Subsec. (a)( 4 )(A)(ii). Pub. L. 100-628 struck out "up until October 1, 1985," before "property mortgages".

Subsec. (c). Pub. L. 100-242, § 445, included subsec. (c).

1987-Subsec. (a)( 4 )(A)(i). Pub. L. 100-200 replaced "March 15, 1988" for "December 16, 1987".

Pub. L. 100-179 replaced "December 16, 1987" for "December 2, 1987".

Pub. L. 100-170 substituted "December 2, 1987" for "November 15, 1987".

Pub. L. 100-154 substituted "November 15, 1987" for "October 31, 1987".

Pub. L. 100-122 substituted "through October 31, 1987" for "until October 1, 1987".

1984-Subsec. (a)( 2 ). Pub. L. 98-440, § 205(b), which directed insertion of "secured by a residential or commercial property making up one- to four-family house systems" after "mortgages" where first appearing in very first sentence was carried out by inserting that phrase after "No standard mortgage" as the probable intent of Congress.

Pub. L. 98-440, § 201(b), replaced "The Corporation shall establish restrictions governing the maximum original principal obligation of traditional mortgages that are bought by it; in any case in which the Corporation purchases an involvement interest in such a mortgage, the constraint shall be calculated with respect to the overall initial primary commitment of the mortgage and not merely with respect to the interest acquired by the Corporation" for "The Corporation will establish constraints governing the optimum principal obligation of traditional mortgages bought by it".

Pub. L. 98-440, § 206(b), inserted arrangement that the limitations stated in section 1713(c)( 3) of this title might be increased by the Corporation (taking into account construction costs) to not to exceed 240 per centum of such dollar quantities in any geographical area for which the Secretary of Housing and Urban Development figures out under such section that expense levels required any boost in the dollar quantity limitations under such section.

Subsec. (a)( 4 ). Pub. L. 98-440, § 203(b)( 2 ), included par. (4 ).

1981-Subsec. (a)( 1 ). Pub. L. 97-110, § 203, included the Federal Deposit Insurance Corporation and the National Cooperative Credit Union Administration to the enumeration of firms from which the Federal Mortgage Mortgage Corporation is authorized to buy residential mortgages.

Subsec. (a)( 2 ). Pub. 97-110, § 202(a), replaced provisions licensing the Corporation to buy a conventional mortgage which was come from more than one year prior to the purchase date only if the seller is the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, the National Credit Union Administration, or any other seller presently participated in mortgage financing or investing activities for provisions which had authorized the Corporation to buy a standard mortgage which was stemmed more than one year prior to the purchase date just if the seller was presently taken part in mortgage lending or investing activities and if, as a result thereof, the cumulative aggregate of the principal balances of all traditional mortgages bought by the Corporation which were come from more than one year prior to the date of purchases did not go beyond 20 per centum of the cumulative aggregate of the principal balances of all conventional mortgages acquired by the Corporation.

Pub. L. 97-110, § 202(b)( 1 ), inserted provision that, with regard to any transaction in which a seller contemporaneously offers mortgages originated more than one years of age prior to the date of sale to the Corporation and gets in payment for such mortgages securities representing undivided interests only in those mortgages, the Corporation will not impose any cost or charge upon an eligible seller which is not a member of a Federal Mortgage Bank which differs from that imposed upon a qualified seller which is such a member.

Subsec. (b). Pub. L. 97-110, § 203, added the Federal Deposit Insurance Corporation and the National Credit Union Administration to the enumeration of companies having the authority to participate in and to carry out and carry out deals and matters described in this area.

1980-Subsec. (a)( 1 ). Pub. L. 96-294 placed arrangements associating with public utilities performing activities in accordance with the requirements of title II of the National Energy Conservation Policy Act.

Subsec. (a)( 2 ). Pub. L. 96-399 placed provisions stating restrictions appreciating mortgages secured by a single-family house, etc, and struck out arrangements making the restrictions stated in very first proviso of very first sentence of area 1464(c) of this title.

1978-Subsec. (a)( 1 ). Pub. L. 95-557 placed reference to any mortgagee approved by the Secretary of Housing and Urban Development at end of first sentence, and inserted last five sentences relating to imposition of charges or fees for different classes of sellers or servicers, etc 1977-Subsec. (a)( 2 ). Pub. L. 95-128 placed "by more than 25 per centum" after "exceed" in last sentence.

1974-Subsec. (a)( 1 ). Pub. L. 93-495 placed arrangements associating with State insurance coverage of deposits or accounts in banks.

Pub. L. 93-383, § 805(a), substituted ". The Corporation might hold" for ", and to hold" and inserted provisions relating to the maintenance of any such mortgage by the seller or qualified banks.

Subsec. (a)( 2 ). Pub. L. 93-383, § 805(b), replaced "80" for "75" in two places and "not exceed 20" for "not go beyond 10", struck out "private" before "insurance provider" in cl. (C), and substituted provisions associating with restrictions consisted of in first proviso of very first sentence of area 1464(c) of this title, for arrangements associating with limitations suitable if the mortgage were insured by the Secretary under section 1709(b) or 1713 of this title.