U.S. Code of Federal Regulations
Regulations most recently checked for updates: Oct 16, 2019
(a) General. The President of GNMA, or his or her designee, may initiate a civil money penalty action against a GNMA issuer or custodian that knowingly and materially violates any provision of 12 U.S.C. 1723i(b), title III of the National Housing Act, or any implementing regulation, handbook, guaranty agreement, or contractual agreement, or participant letter issued by GNMA, or fails to comply with the terms of a settlement agreement with GNMA.
(b) Continuing violation. Each day that a violation continues shall constitute a separate violation.
(c) Amount of penalty. The maximum penalty is $10,067 for each violation, up to a limit of $2,013,399 during any one-year period. Each violation shall constitute a separate violation with respect to each pool of mortgages.