§1489 Loans made by certain financial institutions without regard to limitations and restrictions of other Federal statutes with respect to certain particulars

Summary

Allows loans made by national banks, Federal savings and loan associations, or banks, trust companies, building and loan associations, or insurance companies that do business in the District of Columbia to ignore other federal limits when at least 20 percent of the loan is guaranteed under this law. They do not have to follow rules about the loan-to-value ratio, how long the loan can last, whether a mortgage or other security is required, the priority of liens, or what percentage of their assets can be in real estate loans.