C.F.R. » Title 24 » CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT › SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES › PART 221—LOW COST AND MODERATE INCOME MORTGAGE INSURANCE—SAVINGS CLAUSE › Subpart A—Eligibility Requirements—Low Cost Homes—Savings Clause

24 C.F.R. § 221.1

Savings clause

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(a) Effective February 20, 2001, the authority to insure mortgages under section 221(d)(2) of the National Housing Act (12 U.S.C. 1715l(d)(2)) for low cost and moderate income mortgage insurance is terminated, except that HUD will endorse for insurance validly processed mortgages under direct endorsement where the credit worksheet was signed by the mortgagee's underwriter before February 20, 2001.

(b) Subpart A of this part, as it existed immediately before February 20, 2001, will continue to govern the rights and obligations of insured mortgage lenders, mortgagors, and HUD with respect to section 221(d)(2) single family loans insured before February 20, 2001, or in accordance with paragraph (a) of this section, pursuant to the applicable provisions of this subpart.

[66 FR 5913, Jan. 19, 2001]
Notes of Decisions
Cited in 2 cases, 1974–1976 · leading case: Fenner v. Bruce Manor, Inc., 409 F. Supp. 1332 (D. Maryland 1976).
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Fenner v. Bruce Manor, Inc., 409 F. Supp. 1332 (D. Maryland 1976). “As empowered to do, the Secretary has implemented § 221 by promulgating extensive regulations, which appear at 24 C.F.R. § 221.1 et seq. Pursuant to these provisions, HUD regulates the landlord’s return on investment, 24 C.”
Cason v. United States, 381 F. Supp. 1362 (W.D. Mo. 1974). “24 C.F.R. § 221.1 (1973). 17 . Compare 24 C.”
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