Secondary mortgages held by State or local governmental agency on insured properties
About This Law
/us/usc/t12/s1735f–6
Title
12 — Banks and Banking
Chapter
CH13
Release
119-84
Release Date
2026-04-17
Section Text
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In carrying out the provisions of subchapter II of this chapter with respect to insuring mortgages secured by a one- to four-family dwelling unit, the Secretary may not deny such insurance for any such mortgage solely because the dwelling unit which secures such mortgage will be subject to a secondary mortgage or loan made or insured, or other secondary lien held, by any State or local governmental agency or instrumentality under terms and conditions approved by the Secretary.
(June 27, 1934, ch. 847, title V, § 528, as added Pub. L. 95–557, title III, § 323, Oct. 31, 1978, 92 Stat. 2102.)
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