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 purposes 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 and to report to Congress on the status of such programs as he deems necessary. Amends the Housing and Urban Development Act of 1968 to authorize the Secretary of Housing and Urban Development to extend counselling and technical assistance with respect to property maintenance and other matters to owners of single family dwelling units. Amends the National Housing Act to direct the Secretary of Housing and Urban Development to insure pursuant to a co-insurance contract providing that the mortgage will assume at least a specified minimum percent of any losses and will carry out appraisal and inspection as the Secretary shall approve. Limits mortgage insurance to individuals whose mortgage payments do not exceed 28 percent of the monthly income of the mortgages and his or her spouse. Increases, from three to ten percent the amount required to be paid by a mortgagor on a residence before the mortgage is eligible for insurance under specified programs.

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Timeline

1. 18 April 1977

   Introduced

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

   Source: IntroReferral

2. 18 April 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 April 1977

   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 · 18 April 1977

  Open at official source

Sponsors

• Rep. Russo, Martin A. [D-IL-3] · D · Sponsor
• Rep. Murphy, Morgan F. [D-IL-2] · D · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Moakley, John Joseph [D-MA-9] · D · Cosponsor
• Rep. Derwinski, Edward J. [R-IL-4] · R · Cosponsor
• Rep. Brodhead, William [D-MI-17] · D · Cosponsor
• Rep. Treen, David C. [R-LA-3] · R · Cosponsor
• Rep. Collins, Cardiss [D-IL-7] · D · Cosponsor
• Rep. Bonior, David E. [D-MI-10] · D · Cosponsor
• Rep. Rostenkowski, Dan [D-IL-8] · D · Cosponsor
• Rep. Fary, John G. [D-IL-5] · D · Cosponsor
• · hsba00 · Standing

Related records

• related to → 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.