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FE D E RA L R E SE R V E BANK OF NEW YORK r C ircu la r N o . 3 8 0 9 1 U J a n u a ry 9 , 1952 J REAL ESTATE CREDIT Amendment No. 9 to Regulation X of the Board of Governors of the Federal Reserve System, Effective January 9, 1952 To all Persons Engaged in the Business o f Extending Seal Estate Credit in the Second Federal Reserve D istrict: The Board o f Governors o f the Federal Reserve System has approved Amend ment No. 9 to Regulation X , effective January 9, 1952. Following is the text o f a statement announcing the amendment, released by the Board fo r publication tod a y : The Board of Governors of the Federal Reserve System announced today an amendment to Regulation X — Real Estate Credit— designed to clarify the position of veterans and other persons financing the purchase of a home in cases where secondary loans are combined with loans made, insured, or guaranteed by a department or agency of the United States Government. A copy o f Amendment No. 9 to Regulation X is enclosed; additional copies will be furnished upon request. A llan S pboul, President. REAL ESTATE CREDIT AMENDMENT NO. 9 TO REGULATION X IS S U E D BY THE BOARD OF GOVERNORS OF T H E FE D E R A L RESERVE SY STE M W I T H T H E C O N C U R R E N C E O F T H E H O U S IN G A N D H O M E F IN A N C E A D M IN IS T R A T O R Regulation X is hereby amended as follows, effective January 9, 1952: 1. Add the following new subsection (p) to section 5 : (p ) Certain Government-Aided Loans.— The prohibitions of subsections (a-) and (6) of section 4 of this regulation shall not apply to a secondary loan to a borrower when the primary loan is made, insured, or guaranteed, in whole or in part, by any department or agency of the United States, if (1) the total amount of the primary and secondary loans does not exceed the maximum loan which legally could have been made, insured, or guaranteed by the department or agency for the borrower, and (2) the department or agency approves the making of the secondary loan. P R IN T E D IN NEW YORK