Emergency Home Purchase Assistance Amendments

Summary

Emergency Home Purchase Assistance Amendments - Authorizes the Federal National Mortgage Association to deal in mortgages insured by qualified private insurers as determined by the Association. Permits a mortgage to be purchased if it does not exceed $36,500 in a condomimum cooperative project, or other multifamily structure. Stipulates that, after the enactment of this Act, the interest rate with respect to such mortgages may be adjusted not more than once every six months. Prohibits Associations from imposing any discount or other charge, other than a commitment fee, of not to exceed one percent of the amount of the mortgage. Limits the Secretary of Housing and Urban Development to using 75 percent of his authority each fiscal year to purchase mortgages covering housing upon which construction or substantial rehabilitation was completed during the 12 month period immediately preceding the execution of the mortgages. Increases the total amount of purchases and commitments authorized to be made by the Secretary from $7,750,000,000 to $10,000,000,000.

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1 official file

• Introduced in Senate

  summary · EN · 26 March 1975

  Open at official source

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