PUBLIC LAW 100-242—FEB. 5, 1988
101 STAT. 1921
being funded, to the extent of such excess allocation, for any purposes permitted under the provisions of this section. An application shall be eligible for assistance under the previous sentence only if the mortgagee submits the application within 548 days after the effective date of this subsection, along with a certification of the mortgagee that amounts are to be utilized hereunder for the purpose of either (A) reducing rents or rent increases to tenants, or (B) making repairs or otherwise increasing the economic viability of a related project. Unexpended balances referred to in the first sentence of this subsection which remain after disposition of all such applications is favorably concluded shall be rescinded. The authority conferred by this subsection to provide interest reduction and rental assistance payments shall be available only to the extent approved in appropriation Acts.".
Subtitle B—Secondary Mortgage Market Programs
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SEC. 441. LIMITATIONS ON CERTAIN SECONDARY MORTGAGE MARKET FEES. (a) FEDERAL NATIONAL MORTGAGE ASSOCIATION.—Section 304 of
the Federal National Mortgage Association Charter Act is amended by adding at the end the following new subsection: "(f) Except for fees paid pursuant to section 309(g), no fee or charge may be assessed or collected by the United States (including any executive department, agency, or independent establishment of the United States) on or with regard to the purchase, acquisition, sale, pledge, issuance, guarantee, or redemption of any mortgage, asset, obligation, trust certificate of beneficial interest, or other security by the corporation. No provision of this subsection shall affect the purchase of any obligation by the Secretary of the Treasury pursuant to subsection (c).".
12 USC 1719. i.:
(b) FEDERAL HOME LOAN MORTGAGE CORPORATION.—Section 306 of
the Federal Home Loan Mortgage Corporation Act is amended by adding at the end the following new subsection: "(i) Except for fees paid pursuant to section 303(c) or 306(c), no fee or charge may be assessed or collected by the United States (including any executive department, agency, or independent establishment of the United States) on or with regard to the purchase, acquisition, sale, pledge, issuance, guarantee, or redemption of any mortgage, asset, obligation, or other security by the Corporation. No provision of this subsection shall affect the purchase of any obligation by any Federal home loan bank pursuant to section 303(a).".
12 USC 1455.
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SEC. 442. F N M A CUMULATIVE VOTING.
Section 303(a) of the Federal National Mortgage Association Charter Act is amended by inserting after the first sentence the following new sentence: "The corporation may eliminate such rights of cumulative voting by a resolution adopted by its board of directors and approved by the holders of a majority of the shares of common stock voting in person or by proxy at the annual meeting, or other special meeting, at which such resolution is considered.".
12 USC 1718.
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