BANK INTERROGATORY # 1 .Admit, Title 12 U.S.C. Banks and Banking is not positive law United States Code: List of Positive Law Titles Title 12 Banks and Banking. Not revised, codified and enacted into positive law. llsdc.org/assets/sourcebook/usc-pos-law-titles.pdf Answer; ___Admit ___Deny # 2. Admit, Title 12 U.S.C. §1421. Is the “Federal Home Loan Bank Act.” Answer; ___Admit ___Deny # 3. Admit, (H.R. 12280), approved July 22, 1932, is Public, No. 304 (47 Stat. 725). (July 22, 1932, chapter. 522, §1, 47 Stat. 725.) created the Federal Home Loan Bank. Answer; ___Admit ___Deny #4. Admit, President Herbert Hoover addressed the nation About Signing the Federal Home Loan Bank Act., July 22, 1932. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. presidency.ucsb.edu/ws/?pid=23176 Answer; ___Admit ___Deny # 5. Admit, the then President Herbert Hoover stated: B. “There are to be 8 to 12 such banks established in different parts of the country with a total capital of $125 million to be initially subscribed by the Reconstruction Finance Corporation”. Answer; ___Admit ___Deny # 6. Admit, President Hoover stated; B .”The home loan banks are in turn to obtain the resources required by them through the issue of debentures and notes”. Answer; ___Admit ___Deny # 7. Admit, President stated; C. The creation of these institutions does not involve the Government in business except in the initial work of the Reconstruction Corporation, and the setting up of the board in Washington to determine standards of practice”. Answer; ___Admit ___Deny # 8. Admit, the source for the above quotes, attributed to the then President Hoover are contained in :The American Presidency Project. Answer; ___Admit ___Deny # 9 .Admit, the RECONSTRUCTION FINANCE CORPORATION was abolished. Source Title 15 USC. Sec. 601 to 619. Repealed, Omitted, or Transferred. ABOLITION OF RECONSTRUCTION FINANCE CORPORATION. Answer; ___Admit ___Deny # 10. Admit, the functions of Reconstruction Finance Corporation was transferred to Housing and Home Finance Agency, Administrator of General Services, Administrator of Small Business Administration, and Secretary of Commerce. Source Title 15 USC Reconstruction Finance Corporation was abolished and remaining functions transferred to Housing and Home Finance Agency, Administrator of General Services, Administrator of Small Business Administration, and Secretary of Commerce, such transfer including assets and liabilities, administrative property, personnel, funds, and records, pursuant to 1957 Reorg. Plan No. 1, eff. June 30, 1957, 22 F.R. 4633, 71 Stat. 647, set out in Appendix II of title 5, Government Organization and Employees. Answer; ___Admit ___Deny # 11. Admit, The term transferees means the Housing and Home Finance Administrator, the Administrator of General Services, the Administrator of the Small Business Administration, and the Secretary of the Treasury. Answer; ___Admit ___Deny # 12. Admit, SEC. 2. Of the ABOLITION OF THE RECONSTRUCTION FINANCE CORPORATION TRANSFER OF FUNCTIONS is restricted to the securities and obligations of, loans made to, and contracts or other agreements with, States, municipalities, political subdivisions thereof, public agencies, boards, commissions or other public bodies. Source SEC. 2. Of the ABOLITION OF THE RECONSTRUCTION FINANCE CORPORATION TRANSFER OF FUNCTIONS a. There are hereby transferred to the Housing and Home Finance Administrator the remaining functions with respect to or arising out of (1) the securities and obligations of, loans made to, and contracts or other agreements with, States, municipalities, political subdivisions thereof, public agencies, boards, commissions or other public bodies, and (2) loans, securities and obligations acquired in connection with programs of financial assistance for drainage and irrigation projects Answer; ___Admit ___Deny #13. Admit, the authority for 12 U.S. Code § 371 - Real estate loans, is section 24 of chapter 6 of the Federal Reserve Act, Dec. 23, 1913 law.cornell.edu/uscode/text/12/371 Source *(Dec. 23, 1913, ch. 6, § 24, 38 Stat. 273 Answer; ___Admit ___Deny #14 .Admit, section 24 of chapter 6 of the Federal Reserve Act, codified at 12 U.S. Code § 371d - Investment in bank premises or stock of corporation holding premises law.cornell.edu/uscode/text/12/371d 12 U.S. Code § 371d - Investment in bank premises or stock of corporation holding premises Source (Dec. 23, 1913, ch. 6, § 24A, as added June 16, 1933 Answer; ___Admit ___Deny #15. Admit, the Comptroller of the Currency , Interpretive Letter #950, dated, December 18, 2002, states; “1 Under 12 U.S.C. § 29(First), a national bank may invest in real estate that is necessary for the transaction of its business. Twelve C.F.R. § 7.1000(a)(2)(i) provides that this real estate includes “[p]remises that are owned and occupied (or to be occupied, if under construction) by the bank …” (emphasis added). Section 7.1000(a)(3) further provides that national banks may acquire and hold such real estate by means of a leasehold estate”. Answer; ___Admit ___Deny #16.Admit, the Comptroller of the Currency , Interpretive Letter #950, dated, December 18, 2002, states, 12 U.S.C. § 371d, the stated source for Real estate loans, is limited to an affiliate of the bank. 12 U.S.C. § 371d. Section 371d provides in part that: No national bank or State member bank shall invest in bank premises, or in the stock, bonds, debentures, or other such obligations of any corporation holding the premises of such bank, or make loans to or upon the security of any such corporation– … (2) unless the aggregate of all such investments and loans, together with the amount of any indebtedness incurred by any such corporation that is an *affiliate of the bank, is less than or equal to the amount of the capital stock of such bank; Answer; ___Admit ___Deny #17. Admit, the definitions of terms for the Federal Home Loan Bank are listed at 12 U.S. Code § 1422 – Definitions law.cornell.edu/uscode/text/12/1422 As used in this chapter— (1) (A) Bank.— The term “Federal Home Loan Bank” or “Bank” means a bank established under the authority of this chapter. Answer; ___Admit ___Deny #18. Admit, the term “home mortgage, listed as #5, is limited to fee simple or leasehold. (5) The term “home mortgage” means a mortgage upon real estate, in fee simple, or on a leasehold (1) under a lease for not less than ninety-nine years which is renewable or (2) under a lease having a period of not less than fifty years to run from the date the mortgage was executed. upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Director and shall include, in addition to first mortgages, such classes of first liens as are commonly given to secure advances on real estate by institutions authorized under this chapter to become members, under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. Answer; ___Admit ___Deny #19. Admit, the term homes, is a dwelling unit. (5) Upon which is located, or which comprises or includes, one or more homes or other dwelling units, all of which may be defined by the Director Answer; ___Admit ___Deny #20. Admit, the interpretive regulations for Title 12 U.S. Code § 1422 –is listed as 12 CFR 1263.1 – Definitions; § 1263.1 Definitions. For purposes of this part: Answer; ___Admit ___Deny #21. Admit, the definition of Dwelling Unit, listed in Title 12 CFR 1263 is; dwelling unit means a single room or a unified combination of rooms designed for residential use Answer; ___Admit ___Deny #22. Admit, the definition of a Home mortgage loan listed at Title 12 CFR 1263 means: (1) A loan, whether or not fully amortizing, or an interest in such a loan, which is secured by a mortgage, deed of trust, or other security agreement that creates a first lien on one of the following interests in property: (i) One-to-four family property or multifamily property, in fee simple; (ii) A leasehold on one-to-four family property or multifamily property under a lease of not less than 99 years that is renewable, or under a lease having a period of not less than 50 years to run from the date the mortgage was executed.. Answer; ___Admit ___Deny #23. Admit, the term “unpaid principal is; for Title 12 U.S. Code § 1422 Title # (6) The term “unpaid principal,” when used in respect of a loan secured by a home mortgage means the principal thereof less the sum of (1) payments made on such principal, and (2) in cases where shares or stock are pledged as security for the loan, the payments made on such shares or stock plus earnings or dividends apportioned or credited thereon Answer; ___Admit ___Deny #24. Admit, the term “amortized” or “installment” home mortgage loan, listed at 12 U.S. Code § 1422 Title # (7) is limited to; # (7) An “amortized” or “installment” home mortgage loan shall, for the purposes of this chapter, be a home mortgage loan to be repaid or liquidated in not less than eight years by means of regular weekly, monthly, or quarterly payments made directly in reduction of the debt or upon stock or shares pledged as collateral for the repayment of such loan. Answer; ___Admit ___Deny #25. Admit , the definition of , Community development financial institution or CDFI listed in Title 12 CFR 1263 means an institution that is certified as a community development financial institution by the CDFI Fund under the Community Development Banking and Financial Institutions Act of 1994. Answer; ___Admit ___Deny #26. Admit, Director of CDFI, means the Director of FHFA or his or her designee. Answer; ___Admit ___Deny #27. Admit, FHFA, means, Federal Housing Finance Agency Answer; ___Admit ___Deny #28. Admit, the Making Homes Affordable Act, is administered through the Federal Housing Agency Answer; ___Admit ___Deny #29. Admit, the Federal Housing Authority, administers the National Housing Act. Answer; ___Admit ___Deny #30. Admit, the Court in United States v. Helz, 314 F.2d 301 (C.A.6th Cir.), stated the National Housing Act only issues forms for States, not individuals. “arising under the National Housing Act, 48 Stat. 1246, 12 U.S.C. 1702 et seq., which issues separate forms for each State but does not negotiate with individual applicants”. 382 U.S. at 348, 86 S.Ct. at 504. Answer; ___Admit ___Deny #31. Admit, the implementing regulations for a community development submission and planning is listed at Title 24 CFR Part 91 - CONSOLIDATED SUBMISSIONS FOR COMMUNITY PLANNING AND DEVELOPMENT PROGRAM Answer; ___Admit ___Deny #32. Admit, the Authority for Title 24 CFR Part 91 is listed as; Authority: 42 U.S.C. 3535(d), 3601-3619, 5301-5315, 11331-11388, 12701-12711, 12741-12756, and 12901-12912. Answer; ___Admit ___Deny #33. Admit, Title 42 USC is Public Health and Welfare, Public Housing. Answer; ___Admit ___Deny #34. Admit, Title 24 CFR -are Housing and Urban Development regulations. Answer; ___Admit ___Deny #35. Admit, Title 24 CFR, is THE SECRETARY OF HUDS REGULATION OF THE FEDERAL NATIONAL MORTGAGE ASSOCIATION (FANNIE MAE) AND THE FEDERAL HOME LOAN MORTGAGE CORPORATION (FREDDIE MAC).for Public Housing, Title 42 U.S.C. § 1437. non-judicial foreclosure. Answer; ___Admit ___Deny
Posted on: Mon, 29 Sep 2014 18:10:56 +0000
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