12 U.S.C. § 1717
Federal National Mortgage Association and Government National Mortgage Association
United States · Title 12 — BANKS AND BANKING · Status: effective
Cite this
- Citation
- 12 U.S.C. § 1717, Federal National Mortgage Association and Government National Mortgage Association, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/437787
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Full text
On September 1, 1968, the body corporate described in the foregoing paragraph shall cease to exist in that form and is hereby partitioned into two separate and distinct bodies corporate, each of which shall have continuity and corporate succession as a separated portion of the previously existing body corporate, as follows:
In this paragraph—
The corporation shall condition purchase of a residential mortgage by the corporation under this subsection on the provision of a credit score for the borrower only if—
The corporation shall establish a validation and approval process for the use of credit score models, under which the corporation may not validate and approve a credit score model unless the credit score model—
If the corporation has validated and approved 1 or more credit score models under subparagraph (C) and the corporation validates and approves an additional credit score model, the corporation may determine that—
If, as of the effective date of this paragraph, a credit score model has not been approved under subparagraph (C), the corporation may use a credit score model that was in use before the effective date of this paragraph, if necessary to prevent substantial market disruptions, until the earlier of—
Subject to the limitations provided in paragraph (4) of this subsection, one or more trusts may be established as provided in this subsection by each of the following departments or agencies:
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. The law that originally enacted this section predates the public laws loaded here, so only later amendments are listed.
- Housing and Community Development Act of 1974House: no recorded tallySenate: no recorded tally
- An Act amending the National Housing Act to clarify the authority of the Federal Savings and Loan Insurance Corporation with respect to the insurance of public deposits, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1977House: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1978House: no recorded tallySenate: no recorded tally
- National Energy Conservation Policy ActHouse: no recorded tallySenate: no recorded tally
- Housing and Community Development Amendments of 1979House: no recorded tallySenate: no recorded tally
- Energy Security ActHouse: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1980House: no recorded tallySenate: no recorded tally
- An act to clarify the treatment of international banking facility deposits for purposes of deposit insurance assessments and to remove certain limitations on the mortgage loan purchase authority of the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.House: no recorded tallySenate: no recorded tally
- An act to amend the Securities Exchange Act of 1934 with respect to the treatment of mortgage backed securities, to increase the authority of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Technical Amendments Act of 1984House: no recorded tallySenate: no recorded tally
- Tax Reform Act of 1986House: 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
- Stewart B. McKinney Homeless Assistance Amendments Act of 1988House: no recorded tallySenate: no recorded tally
- Financial Institutions Reform, Recovery, and Enforcement Act of 1989House: no recorded tallySenate: no recorded tally
- To amend title 38, United States Code, with respect to veterans programs for housing and memorial affairs, and for other purposes.House: no recorded tallySenate: no recorded tally
- Housing and Community Development Act of 1992House: 377–37Senate: no recorded tally
- Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act, 1999
- Housing and Economic Recovery Act of 2008
- Economic Growth, Regulatory Relief, and Consumer Protection Act