A bill to authorize the Comptroller General to audit the programs, activities, and financial operations of the Federal National Mortgage Association, and to amend certain housing laws for the purpose of improving Federal programs which insure home mortgages.

Summary

Authorizes the Comptroller General to audit the programs, activities and financial operations of the Federal National Mortgage Association. Amends the Housing and Urban Development Act to provide counseling for owners of single-family dwelling units. Amends the National Housing Act to change from ten to 20 percent the minimum amount of coninsurance which is to be extended to mortgagors, qualified for such coinsurance. Limits mortgage insurance to individuals whose mortgage payments do not exceed 28 percent of the monthly income of the mortgagor's household. Increases to ten percent the amount which a mortgagor is required to have paid before the mortgage is eligible for Federal insurance.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 July 1976

   Introduced

   Referred to House Committee on Banking, Currency and Housing.

   Source: IntroReferral

2. 1 July 1976

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 July 1976

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 July 1976

  Open at official source

Sponsors

• Rep. Russo, Martin A. [D-IL-3] · D · Sponsor
• Rep. Traxler, Bob [D-MI-8] · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Collins, Cardiss [D-IL-7] · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.