Claim Under Title I of the National Housing Act

A decision was requested regarding payment of a claim on a Federal Housing Administration loan insured under title I of the National Housing Act. The loss occurred on a refinanced note for a term which was in excess of the maximum maturity allowable under the act and implementing regulations. The bank's resubmitted claim could not be certified for payment since the new note executed within the contemplation of the refinancing proviso of the National Housing Act and regulations necessarily operated as a discharge of the original note.