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13 <br />1 Council) shall by regulation direct that the Federal Na - <br />2 tional Mortgage Association and the Federal Home Loan <br />3 Mortgage Corporation implement procedures reasonably <br />4 designed to assure that all loans that are <br />— <br />5 "(A) secured by improved real estate or a man - <br />6 ufactured home located in an area that has been <br />7 identified at the time of the origination of the loan <br />8 by the Director of the Federal Emergency Manage - <br />9 ment Agency, as an area of special flood hazards <br />10 and in which flood insurance is available under the <br />11 National Flood Insurance Act of 1968, and <br />12 "(B) purchased by either such entity, <br />13 are covered for the term of the loan by flood insur- <br />14 ante in the amount provided in paragraph (1). <br />15 "(3) Each Federal agency lender shall implement <br />16 procedures reasonably designed to assure that all <br />17 nronerty- <br />18 "(A) that secures loans that the Federal agency <br />19 lender makes, increases, extends, renews, or pur- <br />20 chases, and <br />21 "(B) that is improved by real estate or a manu- <br />22 factured home located in an area that has been idem - <br />23 tified at the time of the origination of the loan by <br />24 the Director of the Federal Emergency Management <br />25 Agency as an area of special flood hazards and in <br />1 <br />98 110E 18 ` <br />