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Use of funds from Rural Housing Insurance Fund for loans; sale of insured and guaranteed loans to public

The Secretary may use the Rural Housing Insurance Fund for the purpose of making loans to be sold and insured under this section. Any loan made and sold by the Secretary under this section after April 7, 1986 (and any loan made by other lenders under this subchapter that is insured or guaranteed in accordance with this section, is purchased by the Secretary, and is sold by the Secretary under this section after such date) shall be sold to the public and may not be sold to the Federal Financing Bank, unless such sale to the Federal Financing Bank is required to service transactions under this subchapter between the Secretary and the Federal Financing Bank occurring on or before such date.

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▸rulespec code

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statutes/42/1487.yaml

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Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary

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us/statute/42/1487/c — Use of funds from Rural Housing Insurance Fund for loans; sale of insured and guaranteed loans to public · Axiom

Use of funds from Rural Housing Insurance Fund for loans; sale of insured and guaranteed loans to public

Official source

in view

Whole section

▸rulespec code

Shown source

statutes/42/1487.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/42/1487; no dedicated encoding exists for this exact provision yet.

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Rules

public_loan_sale_reserve_minimum_rate

Parameter

source: 42 USC 1487(d)(4)

- name: public_loan_sale_reserve_minimum_rate
  kind: parameter
  dtype: Rate
  source: 42 USC 1487(d)(4)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: parameter
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: not less than 5 percent of the outstanding face amount
  versions:
    - effective_from: '0001-01-01'
      formula: '0.05'

public_loan_sale_reserve_minimum_amount

Derived

source: 42 USC 1487(d)

- name: public_loan_sale_reserve_minimum_amount
  kind: derived
  entity: LoanSale
  dtype: Money
  period: Year
  unit: USD
  source: 42 USC 1487(d)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: shall set aside as a reserve against future losses not less than 5 percent
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/42/1487#public_loan_sale_reserve_minimum_rate
            output: public_loan_sale_reserve_minimum_rate
            hash: sha256:local
  versions:
    - effective_from: '0001-01-01'
      formula: public_loan_sale_reserve_minimum_rate * outstanding_face_amount_of_loans_held_by_public

public_sale_interest_subsidy_rate_difference

Derived

source: 42 USC 1487(d)(2)

- name: public_sale_interest_subsidy_rate_difference
  kind: derived
  entity: LoanSale
  dtype: Rate
  period: Year
  source: 42 USC 1487(d)(2)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/42/1487
            excerpt: >-
              the difference between the rate of interest paid by the borrower ... and the market
              rate of interest
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        if loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d
        and loan_offered_for_sale_to_public:
        market_rate_of_interest_on_comparable_obligations_on_sale_date - borrower_interest_rate
        else: 0

public_sale_borrower_protection_agreements_required

Derived

source: 42 USC 1487(d)(3)

- name: public_sale_borrower_protection_agreements_required
  kind: derived
  entity: LoanSale
  dtype: Judgment
  period: Year
  source: 42 USC 1487(d)(3)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: >-
        loan_made_under_this_subchapter_and_insured_or_guaranteed_in_accordance_with_subsection_d

        and loan_offered_for_sale_to_public

        and agreement_protects_borrower_rights_from_purchaser_or_assignee_diminution

        and agreement_requires_assignment_to_secretary_after_substantial_default_before_foreclosure

        and
        agreement_requires_secretary_to_afford_subchapter_rights_before_foreclosure_or_dispossession_after_assignment

loan_commitment_authorized

Derived

source: 42 USC 1487(l)

- name: loan_commitment_authorized
  kind: derived
  entity: LoanCommitment
  dtype: Judgment
  period: Year
  source: 42 USC 1487(l)
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/42/1487
  versions:
    - effective_from: '0001-01-01'
      formula: |-
        applicant_is_lender_builder_or_seller
        and applicant_complies_with_secretary_requirements
        and commitment_terms_and_conditions_are_prescribed_by_secretary