A bill to direct the Secretary of Housing and Urban Development to prevent the foreclosure of one- to four-family mortgages insured under title II of the National Housing Act.

Summary

Amends the National Housing Act to require the Secretary of Housing and Urban Development, in order to avoid foreclosure of a federally-insured mortgage on a one-to four-family residence, to: (1) make temporary mortgage payments for an individual who defaults on such a mortgage; or (2) purchase the mortgage and provide mortgage assistance to such individual. (Currently such authority is discretionary.) Limits the interest charge on such assistance payments. Declares that expenditures from the appropriate mortgage insurance fund to make such temporary mortgage assistance payments do not require prior approval in appropriation acts. Authorizes appropriations for losses sustained by such fund.

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

Timeline

1. 26 January 1982

   Introduced

   Referred to House Committee on Banking, Finance and Urban Affairs.

   Source: IntroReferral

2. 26 January 1982

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 January 1982

   Introduced

   Introduced in House

   Source: IntroReferral

4. 16 February 1982

   Referred

   Referred to Subcommittee on Housing and Community Development.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 26 January 1982

  Open at official source

Sponsors

• Rep. Savage, Gus [D-IL-2] · D · Sponsor
• · hsba00 · Standing

Related records

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