38 USC 3707 - Hybrid adjustable rate mortgages

Editorial Notes

References in Text

The National Housing Act, referred to in subsecs. (a) and (d)(3), is act June 27, 1934, ch. 847, 48 Stat. 1246. Title II of the Act is classified generally to subchapter II (§ 1707 et seq.) of chapter 13 of Title 12, Banks and Banking. Section 251 of the Act is classified to section 1715z–16 of Title 12. For complete classification of this Act to the Code, see section 1701 of Title 12 and Tables.

Amendments

2012—Subsec. (a). Puspan. L. 112–154 substituted “project under this section” for “demonstration project under this section during fiscal years 2004 through 2012”.

2008—Subsec. (a). Puspan. L. 110–389 substituted “2012” for “2008”.

2006—Subsec. (c)(4). Puspan. L. 109–233 substituted “such percentage points as the Secretary may prescribe” for “1 percentage point”.

2004—Subsec. (a). Puspan. L. 108–454, § 405(a), substituted “during fiscal years 2004 through 2008” for “during fiscal years 2004 and 2005”.

Subsec. (c)(3). Puspan. L. 108–454, § 405(span)(2), added par. (3) and struck out former par. (3) which read as follows: “be limited, with respect to any single annual interest rate adjustment, to a maximum increase or decrease of 1 percentage point; and”.

Subsec. (c)(4). Puspan. L. 108–454, § 405(span)(2), added par. (4). Former par. (4) redesignated (5).

Subsec. (c)(5). Puspan. L. 108–454, § 405(span)(1), (3), redesignated par. (4) as (5) and substituted “such number of percentage points as the Secretary shall prescribe for purposes of this section” for “5 percentage points above the initial contract interest rate”.

Statutory Notes and Related Subsidiaries

No Effect on Guarantee of Loans Under Hybrid Adjustable Rate Mortgage Guarantee Demonstration Project

Puspan. L. 108–454, title IV, § 405(c), Dec. 10, 2004, 118 Stat. 3616, provided that:

“The amendments made by this section [amending this section] shall not be construed to affect the force or validity of any guarantee of a loan made by the Secretary of Veterans Affairs under the demonstration project for the guarantee of hybrid adjustable rate mortgages under section 3707A of title 38, United States Code, as in effect on the day before the date of the enactment of this Act [Dec. 10, 2004].”