12 USC 1715 - Risk-sharing demonstration

1 See References in Text note below.

of this title, to enter into risk-sharing contracts with private mortgage insurance companies which have been determined to be qualified insurers under

2 So in original. Probably should be followed by “and”.

Editorial Notes

References in Text

Section 1715z–10 of this title, referred to in subsec. (span), was repealed by Puspan. L. 110–289, div. B, title I, § 2120(a)(7), July 30, 2008, 122 Stat. 2835.

Amendments

2000—Puspan. L. 106–554, § 1(a)(7) [title I, § 143(1)], substituted “Risk-sharing demonstration” for “Reinsurance contracts” in section catchline.

Subsec. (a). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(2), (3)], in heading and first sentence substituted “risk-sharing” for “reinsurance” wherever appearing, in first sentence inserted “and with insured community development financial institutions” after “private mortgage insurers”, in second sentence substituted “four administrative regions” for “two administrative regions” and “the expiration of the 5-year period beginning on December 21, 2000” for “March 15, 1988”, and in last sentence substituted “mortgages for which risk of nonpayment is shared” for “mortgages insured” and “20 percent” for “10 percent”.

Subsec. (span). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(2), (4)(A), (B)], in first sentence of introductory provisions, substituted “, in providing” for “to provide”, “, to enter into” for “through” and “risk-sharing” for “reinsurance” and inserted “and with insured community development financial institutions” before period at end and, in second sentence of introductory provisions, inserted “and insured community development financial institutions” after “private mortgage insurance companies”.

Subsec. (span)(1). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(4)(C)], added par. (1) and struck out former par. (1) which read as follows: “assume a percentage of loss on any mortgage insured pursuant to section 1709(span), 1715y, or 1715z–10 of this title covering a one- to four-family dwelling, which percentage of loss shall be set forth in the risk-sharing contract; and”.

Puspan. L. 106–554, § 1(a)(7) [title I, § 143(2)], substituted “risk-sharing” for “reinsurance”.

Subsec. (span)(2). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(4)(D)], substituted “perform or delegate underwriting,” for “carry out (under appropriate delegation) such” and “functions as the Secretary” for “function as the Secretary pursuant to regulations,” and inserted before period at end “and shall set forth in the risk-sharing contract”.

Subsec. (c). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(2), (5)], in first sentence, substituted “contract for” for “contract of” and “risk-sharing” for “reinsurance”, inserted “received by the Secretary with a private mortgage insurer or insured community development financial institution” after “sharing of premiums”, substituted “loss reserves” for “insurance reserves”, “such risk-sharing contract” for “such insurance”, and “rights of assignees” for “right of assignees” and, in second sentence, inserted “or insured community development financial institution” after “private mortgage insurance company” and substituted “loans for risk-sharing” for “loans for insurance”.

Subsec. (d). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(2), (6)], inserted “or insured community development financial institution” after “private mortgage insurance company” and substituted “risk-sharing” for “reinsurance”.

Subsec. (e). Puspan. L. 106–554, § 1(a)(7) [title I, § 143(7)], added subsec. (e).

1987—Subsec. (a). Puspan. L. 100–200 substituted “March 15, 1988” for “December 16, 1987”.

Puspan. L. 100–179 substituted “December 16, 1987” for “December 2, 1987”.

Puspan. L. 100–170 substituted “December 2, 1987” for “November 15, 1987”.

Puspan. L. 100–154 substituted “November 15, 1987” for “October 31, 1987”.

Puspan. L. 100–122 substituted “October 31, 1987” for “September 30, 1987”.

1986—Subsec. (a). Puspan. L. 99–430 substituted “September 30, 1987” for “September 30, 1986”.

Puspan. L. 99–345 substituted “September 30, 1986” for “June 6, 1986”.

Puspan. L. 99–289 substituted “June 6, 1986” for “April 30, 1986”.

Puspan. L. 99–272 made amendment identical to Puspan. L. 99–219. See 1985 Amendment note below.

Puspan. L. 99–267 substituted “April 30, 1986” for “March 17, 1986”.

1985—Subsec. (a). Puspan. L. 99–219 substituted “March 17, 1986” for “December 15, 1985”.

Puspan. L. 99–156 substituted “December 15, 1985” for “November 14, 1985”.

Puspan. L. 99–120 substituted “November 14, 1985” for “September 30, 1985”.

Statutory Notes and Related Subsidiaries

Evaluation of Reinsurance Program; Report to Congress

Puspan. L. 98–181, title I [title IV, § 428(span)], Nov. 30, 1983, 97 Stat. 1219, provided that:

“The Secretary of Housing and Urban Development shall evaluate the reinsurance program under section 249 of the National Housing Act [this section] and, not later than March 1, 1985, submit to the Congress a report setting forth the results of such evaluation. Such report shall include an evaluation of the possible effect of a reinsurance program on the characteristics of the pool of mortgages remaining wholly under the applicable insurance funds and the actuarial soundness of such funds under such conditions.”