Real Dollar Mortgage Demonstration Act of 1982

Summary

Real Dollar Mortgage Demonstration Act of 1982 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure mortgages and loans with monthly payments and loan balances that are adjusted to reflect changes in a selected index which measures the inflation rate or changes in wages or consumer disposable income. Requires the Secretary to insure such a loan or mortgage upon determining that: (1) the principal obligation of the mortgage or loan does not exceed a specified percentage of the appraised value of the attached property; and (2) the monthly payments and principal obligation of the loan or mortgage will not be increased at a rate greater than the percentage change in the selected index. Directs the Secretary to give priority to such mortgages executed by mortgagors who have not owned a home in the preceding three years. Directs the Secretary to conduct and report to Congress on a demonstration program to insure such loans and mortgages.

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1 official file

• Introduced in House

  summary · EN · 8 December 1982

  Open at official source

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