73d CONGRESS . SESS. II. CH. 847. JUNE 27, 1934 .
1247 shall be granted under this section to any such financial institution with respect to any obligation representing any such loan, advance of credit, or purchase by it the face amount of which exceeds $2,000 ; nor unless the obligation bears such interest, has such maturity, and contains such other terms, conditions, and restrictions, as the Admin- istrator shall prescribe . LOANS TO FINANCIAL INSTITUTIONS SEC . 3 . The Administrator is further authorized and empowered to make loans to institutions which are insured under section 2, and to enter into loan agreements with such institutions, upon the secur- ity of obligations which meet the requirements prescribed under sec- tion 2 . Such loans or agreements may be made for the full face value of the obligations offered as security, and shall be at such rates an d upon such terms and c onditi ons as the Admini strato r shal l determine. ALLOCATION OF FUNDS So in original. Requirements, Loans to financial institutions . Authority to make. Amounts ; rates ; terms . Allocation of funds . SEC . 4 . For the purposes of carrying out the provisions of this ti From
onstruc - title and titles II and III, the Reconstruction Finance Corporation tion . shall make available to the Administrator such funds as he may deem necessary, and the amount of notes, debentures, bonds, or other , Increas e o f outstand. such obligations which the Corporation is authorized and empOw- mg obligations of Cor • poration. ered to have outstanding at any one time under existing law is hereby increased b an amount sufficient to provide such funds Pro vided , That the resident, in his discretion, is authorized to pro- Proviso. nt of funds v ide suuch 1 funds or any portion thereof by allotment to the Admin- by President . istrator from any funds that are available, or may hereafter be made available, to the President for emergency purposes . ANNU AL REPORT SEC . 5 . The Administrator shall make an annual report to the Congress as soon as practicable after the 1st day of January in each year of his activities under this title and titles II and III of this Act . Annual report. TITLE II-MUTUAL MORTGAGE INSURANCE
Mutual Mortgage In . surance. DEFINITIONS SECT ION 2 01 . As used in this title- (a) The term " mortgage " means a first mortgage on real estate in fee simple or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable, or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed, upon which there is located a dwelling for not more than four families which is used in whole or in part for residential purposes, irrespective of whether such dwelling has a party wall or is otherw ise physically connected wi th another dw elling
- and the
term " first mortgage " means such classes of first liens as are com- monly 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 instruments, if any, secured thereby . (b) The term " mortgagee " includes the original lender under a mortgage, and his successors and assigns approved by the Admin- istrator ; and the term " mortgagor " includes the original borrower unde r a mort gage and his suc cess ors and assi gns . Definitions . "Mortgag e . " "Firs t mort gage ." "Mortgagee ." " Mortgagor ."
