A bill to provide that the interest rate on mortgages secured by one-to four-family residences and insured under title II of the National Housing Act or guaranteed under chapter 37 of title 38, United States Code, be negotiated between the borrower and lender, and that lenders may not charge discount points on such mortgages in excess of their acquisition costs.

Summary

Amends the National Housing Act to direct that the interest rate on mortgages secured by one- to four-family residences and insured or guaranteed under specified Federal laws, be negotiated between borrower and lender. Prohibits lenders from charging discount points on such mortgages in excess of their acquisition costs.

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1 official file

• Introduced in House

  summary · EN · 5 June 1980

  Open at official source

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