OMNIBUS BUDGET RECONCILIATION ACT OF 1993: Sec. 3005 (FHA up-front mortgage insurance premiums)
Public Law 103–66
107 Stat. 340
OMNIBUS BUDGET RECONCILIATION ACT OF 1993: Sec. 3005 (FHA up-front mortgage insurance premiums)
66
103–66
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
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Agricultural Reconciliation Act of 1993
Omnibus Budget Reconciliation Act of 1993
5261
103
1993-08-10
OMNIBUS BUDGET RECONCILIATION ACT OF 1993: Sec. 3005 (FHA up-front mortgage insurance premiums)
[Public Law 103–66; 107 Stat. 340; 12 U.S.C. 1709 note]
[This law has not been amended]
[Currency: This publication is a compilation of the text of Public Law 103–66. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
SEC. 3005. [[12 U.S.C. 1709 note]] MUTUAL MORTGAGE INSURANCE FUND PREMIUMS.
To improve the actuarial soundness of the Mutual Mortgage Insurance Fund under the National Housing Act, the Secretary of Housing and Urban Development shall increase the rate at which the Secretary earns the single premium payment collected at the time of insurance of a mortgage that is an obligation of such Fund (with respect to the rate in effect on the date of the enactment of this Act). In establishing such increased rate, the Secretary shall consider any current audit findings and reserve analyses and information regarding the expected average duration of mortgages that are obligations of such Fund and may consider any other information that the Secretary determines to be appropriate.