Rural Multifamily Housing Loan Guarantee and Ginnie Mae Corrections Act

Rural Multifamily Housing Loan Guarantee and Ginnie Mae Corrections Act - Amends the National Housing Act to authorize the Government National Mortgage Association (Ginnie Mae) to guarantee securities backed by loans insured or guaranteed by the Rural Housing Service under title V of the Housing Act of 1949. (Current law refers to loans insured under title V.)

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2740 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 2740

To amend the National Housing Act to authorize the Government National 
Mortgage Association to guarantee securities backed by loans guaranteed 
 by the Rural Housing Service under section 538 of the Housing Act of 
                                 1949.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 15, 2003

  Mr. Bereuter (for himself, Mr. Davis of Alabama, Mr. Renzi, and Mr. 
  Matheson) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the National Housing Act to authorize the Government National 
Mortgage Association to guarantee securities backed by loans guaranteed 
 by the Rural Housing Service under section 538 of the Housing Act of 
                                 1949.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Multifamily Housing Loan 
Guarantee and Ginnie Mae Corrections Act''.

SEC. 2. GINNIE MAE AUTHORITY TO GUARANTEE SECURITIES.

    The first sentence of section 306(g)(1) of the National Housing Act 
(12 U.S.C. 1721(g)(1)) is amended--
            (1) by striking ``or title V of the Housing Act of 1949'' ; 
        and
            (2) by inserting after ``1944'' the following: ``, title V 
        of the Housing Act of 1949,''.
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