12 U.S.C. § 1715z–9
Co-insurance of eligible mortgage, advance, or loan
United States · Title 12 — BANKS AND BANKING · Status: effective
Cite this
- Citation
- 12 U.S.C. § 1715z–9, Co-insurance of eligible mortgage, advance, or loan, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437762
- Permanent ID
ys:prov:437762@1- SHA-256
08a0b68437a205b3182dd1f6bda61cf2b25590e23d2a09dd7d36e8119b52ec0d
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
In addition to providing insurance as otherwise authorized under this chapter, and notwithstanding any other provision of this chapter inconsistent with this section, the Secretary, upon request of any mortgagee and for such mortgage insurance premium as he may prescribe (which premium, or other charges to be paid by the mortgagor, shall not exceed the premium, or other charges, that would otherwise be applicable), may insure and make a commitment to insure under any provision of this subchapter any mortgage, advance, or loan otherwise eligible under such provision, pursuant to a co-insurance contract providing that the mortgagee will—
No insurance shall be granted pursuant to this section with respect to dwellings or projects approved for insurance prior to the beginning of construction unless the inspection of such construction is conducted in accordance with at least the minimum standards and criteria used with respect to dwellings or projects approved for mortgage insurance pursuant to other provisions of this subchapter.
The Secretary shall not withdraw, deny, or delay insurance otherwise authorized under any other provision of this chapter by reason of the availability of insurance pursuant to this section. The Secretary shall exercise his authority under this section only to the extent that he finds that the continued exercise of such authority will not adversely affect the flow of mortgage credit to older and declining neighborhoods and to the purchasers of older and lower cost housing.
Notwithstanding any other provision of this section, in the case of a mortgage insured under section 1715n(f) of this title secured by property which is to be rehabilitated or developed under section 1437o 11 See References in Text note below. of title 42, such co-insurance may include provisions that—
Any mortgagee which enters into a contract of co-insurance under this section shall have the authority to assign its interest in any note or mortgage subject to a contract of co-insurance to a warehouse bank or other financial institution which provides interim funding for a loan co-insured under this section, and to retain the co-insurance risk of such note or mortgage, upon such terms and conditions as the Secretary shall prescribe.
The Secretary shall, by January 15 and July 15 of each year (1) review the adequacy of capital and other requirements for mortgagees under this section, (2) assess the compliance by mortgagees with such requirements, and (3) make such adjustment to such requirements as the Secretary, after providing opportunity for hearing, determines to be appropriate to improve the long-term financial soundness of the Federal Housing Administration funds. Such requirements shall include the minimum capital or net worth of mortgagees; the ratio that mortgagees shall maintain between the mortgagee’s capital and the volume of mortgages co-insured by such mortgagee; and such other requirements as the Secretary determines to be appropriate to ensure the long-term financial soundness of the Federal Housing Administration funds. The Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives a report on the review and assessment under the previous sentence, and an explanation of the Secretary’s reasons for making any adjustment in requirements authorized under this section.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- Housing and Community Development Act of 1974House: no recorded tallySenate: no recorded tally
- Housing Authorization Act of 1976House: no recorded tallySenate: no recorded tally
- Joint resolution to provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities and of the national flood insurance program, and for other purposes.House: no recorded tallySenate: no recorded tally
- Joint resolution to provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities and of the national flood insurance program, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1977House: no recorded tallySenate: no recorded tally
- To provide for a temporary extension of certain Federal Housing Administration mortgage insurance and related authorities, of the national flood insurance program, of the crime insurance and riot reinsurance programs, of certain rural housing authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1978House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for a temporary extension of certain Federal Housing Administration authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for a temporary extension of certain Federal Housing Administration authorities, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1979House: no recorded tallySenate: no recorded tally
- A joint resolution providing for a temporary extension of certain Federal Housing Administration authorities and for rural housing authorities.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1980House: no recorded tallySenate: no recorded tally
- Congressional Reports Elimination Act of 1980House: no recorded tallySenate: no recorded tally
- Omnibus Budget Reconciliation Act of 1981House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain insurance programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Supplemental Appropriations Act, 1984House: no recorded tallySenate: no recorded tally
- Housing and Community Development Technical Amendments Act of 1984House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Consolidated Omnibus Budget Reconciliation Act of 1985House: no recorded tallySenate: no recorded tally
- FHA and GNMA Credit Commitment Assistance Act of 1986House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- An original joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- A joint resolution to provide for the temporary extension of certain programs relating to housing and community development, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1987House: no recorded tallySenate: no recorded tally
- Department of Housing and Urban Development Reform Act of 1989House: no recorded tallySenate: no recorded tally