Middle Income Mortgage Credit Relief Act

Summary

Middle Income Mortgage Credit Relief Act - States that whenever the Secretary of Housing and Urban Development determines that a substantial number of middle-income families are unable to obtain mortgage credit at reasonable rates due to high interest rates or reduced availability of mortgage credit and that the inability to obtain such credit is causing or threatening to cause a significant reduction in the volume of residential home construction and thereby adversely affect the economy and delay the orderly achievement of the national housing goals contained in title XVI of the Housing and Urban Development Act of 1968, the Secretary shall direct the Government National Mortgage Association to begin making commitments to purchase and to purchase mortgages in accordance with the provisions of this Act. Provides that, not later than sixty days following the enactment of this Act, the Secretary shall issue regulations to carry out the purposes of this Act. Establishes within the Association a Middle Income Housing Fund which shall be used to carry out the purposes of this Act. States that a mortgage may be purchased under this Act only if: (1) such mortgage was executed to finance the acquisition of the principal residence of the mortgagor; (2) such mortgage involves a principal amount not to exceed $30,000; (3) such mortgage involves an interest rate not in excess of 7 percent per annum; and (4) no points, discounts, or similar charges were assessed against the prospective buyer or seller in connection with the mortgage.

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1 official file

• Introduced in Senate

  summary · EN · 8 May 1974

  Open at official source

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