A bill to amend laws relating to the Federal National Mortgage Association.

Summary

Increases the area within which Federal National Mortgage Association, (FNMA) must maintain its principal office to include the metropolitan area of the District of Columbia. Provides that FNMA be considered a District of Columbia corporation for the purpose of jurisdiction as well as venue in civil cases. Increases from 75 percent to 80 percent the maximum loan-to-value ratio of conventional mortgages FNMA may purchase (where such maximum is applicable). Allows FNMA to purchase conventional mortgages which are insured by non-private insurers. Changes the dollar limitation on FNMA's single family conventional purchases from the limitation on FHA mortgages to the limitation applicable to single family mortgages purchased by Federal Savings and Loan Associations. Provides that FNMA employees who transferred directly from the Federal Government between May 21, 1970, and January 31, 1972, shall be given the option of retaining their coverage under the Civil Service Retirement law with costs being divided between such employees and FNMA.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 22 March 1973

  Open at official source

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