National Bank Residential Mortgage and Construction Loans: Hearing Before the Committee on Banking and Currency, House of Representatives, Eighty-fourth Congress, First Session, on H.R. 6228, Superseded by S. 1189. July 15, 1955U.S. Government Printing Office, 1955 - 58 pages Considers legislation to revise national bank mortgage, investment and liquidation regulations and authorize U.S. membership in International Finance Corp. Focuses on national banks. |
Common terms and phrases
$100 of assets $100 of capital 2½ percent 75 percent aggregate amended American Bankers Association amortization requirements amortized amortized mortgage amount appraised value authorized Bank & Trust bank's basis BETTS bill bond borrower BRENT SPENCE Calif capital and surplus centum CHAIRMAN commercial banks commercial loans committee completion Comptroller Congress construction loans Corporation deposits District Federal Reserve Act Federal Reserve System financing first-mortgage loans increase insured International Finance Corporation JENNINGS lending limit loan associations Maximum maturity months mortgage loans MULTER multifamily dwellings O'HARA obligations PATMAN payment percent of appraised percent on remainder percent per annum percent to $150 period permit national banks provisions Public Housing Purchasing bank rate of interest real estate real-estate loans realty recommended REILLY remainder to $500 residential restrictions San Francisco savings and loan savings banks second-mortgage loans section 24 small-loan statement tion voluntary liquidation Western Bank York
Popular passages
Page 4 - ... transaction the proceeds from the sale of any securities issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under that Act, as amended, are extended to include any purchases of such notes and obligations.
Page 10 - ... shall not be considered as loans secured by real estate within the meaning of this section but shall be classed as ordinary commercial loans whether or not secured by a mortgage or similar lien on the real estate upon which the building or buildings are being constructed...
Page 4 - Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States (a) request or consent to any change in the quota of the United States under article III, section 2, of the Articles of Agreement of the Fund...
Page 2 - Except as hereinafter provided or otherwise permitted by law, nothing herein contained shall authorize the purchase by the association for its own account of any shares of stock of any corporation.
Page 4 - Corporation shall be deemed to be an inhabitant of the Federal judicial district in which its principal office in the United States is located, and any such action at law or in equity to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of any such action.
Page 5 - Act, as amended, if accompanied by a valid and binding agreement to advance the full amount of the loan upon the completion of the building entered into by an individual, partnership, association, or corporation acceptable to the discounting bank.
Page 2 - To exercise by its board of directors or duly authorized officers or agents subject to law all such incidental powers as shall be necessary to carry on the business of banking by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal or real estate security, and by obtaining, issuing, and circulating notes according to the provisions of this act.
Page 3 - That no association shall hold obligations issued by said bank as a result of underwriting, dealing, or purchasing for its own account (and for this purpose obligations as to which it is under commitment shall be deemed to be held by it) in a total amount exceeding at any one time 10 per centum of its capital stock actually paid in and unimpaired and 10 per centum of its unimpaired surplus fund".
Page 1 - ... any national banking association may purchase any obligation so secured when the entire amount of such obligation is sold to the association.
Page 5 - The amount of any such loan hereafter made shall not exceed 50 per centum of the appraised value of the real estate offered as security...