[Code of Federal Regulations]

[Title 24, Volume 2]

[Revised as of April 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR203.43g]



[Page 175]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

 CHAPTER II--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 

        COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

 

PART 203_SINGLE FAMILY MORTGAGE INSURANCE--Table of Contents

 

     Subpart A_Eligibility Requirements and Underwriting Procedures

 

Sec.  203.43g  Eligibility of mortgages in certain communities.



    (a) A mortgage which meets the requirements of this subpart shall be 

eligible for insurance without regard to the limitation in this part 

relating to marketability of title under the following conditions:

    (1) The mortgagor is to occupy the dwelling as a principal residence 

(as defined in Sec.  203.18(f)(1)).

    (2) The defect or potential defect in title is a direct and primary 

result of outstanding claims to ownership of land in the community by an 

American Indian tribe, band, group or Nation.

    (3) Fifty or more individual owners were joined as parties defendant 

or were members of a defendant class before April 1, 1980 in litigation 

involving claims to ownership of land in the community in which the 

property is located by an American Indian tribe, band, group or Nation 

pursuant to a dispute involving the Articles of Confederation, the Trade 

and Intercourse Act of 1790 or any similar State or Federal law.

    (4) Such ownership claims are reasonably likely to be settled by 

court action or otherwise.

    (5) Temporary adverse economic conditions exist throughout the 

community as a direct and primary result of such claims.

    (b) Mortgages complying with the requirements of this subpart as 

modified by this section shall be the obligation of the Special Risk 

Insurance Fund.



[49 FR 21319, May 21, 1984, as amended at 55 FR 34805, Aug. 24, 1990]