Debentures
Issued Under National Housing ActNational Housing Act of June 27, 1934 (48
Stat. 1249) SECTION 204 * * *
(d) The debentures issued under this section to any mortgagee
with respect to mortgages insured under section 203 shall be issued
in the name of the Mutual Mortgage Insurance Fund as obligor, and
shall be negotiable, and, if in book entry form, transferable, in
the manner described by the Secretary in regulations and the debentures
issued under this section to any mortgagee with respect to mortgages
insured under section 210 shall be executed in the name of the Housing
Insurance Fund as obligor, shall be signed by the Secretary by either
his written or engraved signature, and shall be negotiable. * * *
Such debentures as are issued in exchange for property covered by
mortgages insured under section 203 or section 207 prior to the date
of enactment of the National Housing Act Amendments of 1938 * * *
shall be fully and unconditionally guaranteed as to principal and
interest by the United States; * * *. Such debentures as are issued
in exchange for property covered by the mortgages insured after the
date of enactment of the National Housing Act Amendments of 1938,
* * * shall be fully and unconditionally guaranteed as to principal
and interest by the United States, and, in the case of debentures
issued in certified registered form, such guaranty shall be expressed
on the face of the debentures. * * *
[12 USC 1710(d). As
amended by acts of Feb. 3, 1938 (52 Stat. 14); April 20, 1950 (64
Stat. 59); Sept. 1, 1951 (65 Stat. 314); Aug. 2, 1954 (68 Stat. 593);
July 12, 1957 (71 Stat. 297); June 30, 1961 (75 Stat. 180); Sept.
2, 1964 (78 Stat. 769); Aug. 10, 1965 (79 Stat. 504); and Oct. 28,
1992 (106 Stat. 3790); and joint resolution of May 25, 1967 (81 Stat.
17). Section 203 of the National Housing Act, as amended, provides
for insurance of mortgages on individual dwellings and farms in small
amounts; section 207 of the act provides for the insurance of mortgages
on slum clearance projects; section 210 was repealed by act of June
3, 1939 (53 Stat. 807). The Secretary referred to in this paragraph
is the secretary of Housing and Urban Development.]
1-445
SECTION 207 * * *
(i) Debentures issued under
this section shall be executed in the name of the General Insurance
Fund as obligor, shall be negotiable, and, if in book entry form,
transferable, in the manner described by the Secretary in regulations
and shall be dated as of the date of default as determined in subsection
(g) of this section * * * and shall bear interest from such date.
* * * They shall be paid out of the General Insurance Fund which shall
be primarily liable therefor, and they shall be fully and unconditionally
guaranteed as to principal and interest by the United States, and,
in the case of debentures issued in certified registered form, such
guaranty shall be expressed on the face of the debentures. * * *
[12 USC 1713(i).
As amended by acts of Feb. 3, 1938 (52 Stat. 20); April 20, 1950 (64
Stat. 54, 59); Sept. 1, 1951 (65 Stat. 314); June 30, 1953 (67 Stat.
123); Aug. 2, 1954 (68 Stat. 593); July 12, 1957 (71 Stat. 297); June
30, 1961 (75 Stat. 180); Aug. 10, 1965 (79 Stat. 504); and Oct. 28,
1992 (106 Stat. 3790); and joint resolution of May 25, 1967 (81 Stat.
17). The Secretary referred to in this paragraph is the secretary
of Housing and Urban Development.]
SECTION
604 * * *
(d) The debentures issued under this
section to any mortgagee shall be executed in the name of the General
Insurance Fund as obligor, shall be signed by the Secretary by either
his written or engraved signature, and shall be negotiable. * * *
All such debentures * * * shall be paid out of the General Insurance
Fund, which shall be primarily liable therefor, and they shall be
fully and unconditionally guaranteed as to principal and interest
by the United States, and such guaranty shall be expressed on the face
of the debentures. * * *
[12 USC 1739(d). As
added by act of March 28, 1941 (55 Stat. 59); and amended by acts
of May 26, 1942 (56 Stat. 302); April 20, 1950 (64 Stat. 59); Sept.
2, 1964 (78 Stat. 772); Aug. 10, 1965 (79 Stat. 506); and Oct. 17,
1984 (98 Stat. 2232); and joint resolution of May 25, 1967 (81 Stat.
17). The Secretary referred to in this paragraph is the secretary
of Housing and Urban Development.]
