Homeowners' Loan Act

Summary

Homeowners' Loan Act - Establishes the Homeowner's Loan Corporation. Requires the Board of Directors of the Corporation to determine the minimum amount of capital stock of the Corporation and to increase such capital stock from time to time in such amounts as may be necessary. Authorizes the Corporation to issue bonds in an aggregate amount not to exceed $10,000,000,000 which may be sold by the Corporation to obtain funds for carrying out the purposes of this Act. Directs the Corporation during such period to make assistance payments to individuals and families who have incurred substantial losses of income as a result of unemployment. Directs that such payments be sufficient to enable such individuals and families to meet home mortgage payments. Stipulates that such payments not be made for a period in excess of eighteen months with respect to any mortgagor. Prohibits such payments unless the Corporation determines that such mortgagor will be able to avoid or cure a default on the mortgage. Authorizes the Corporation for a period of three years, but only during any three calendar quarters beginning with one in which the Federal Home Loan Bank Board determines that the foreclosure rate exceeds one-half of 1 percent, to acquire home mortgages and other obligations and liens secured by real estate. States that each home mortgage or other obligation or lien so acquired shall be carried as a first lien or refinanced as a home mortgage by the Corporation on the basis of the price paid therefor by the Corporation, and shall be amortized by means of monthly payments sufficient to retire the interest and principal within a period of not to exceed thirty years. Requires that the aggregate amount of payments with respect to any mortgagor be secured by a lien on the mortgaged property. Directs the Board to issue such rules and regulations as may be necessary, including rules and regulations providing for the appraisal of the property on which loans are made under this section so as to accomplish the purposes of this Act. States that whoever makes any statement, knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Homeowners' Loan Corporation of the Board upon any application, advance, discount, purchase, or repurchase agreement, or loan under this Act, or any extension thereof, shall be punished by a fine of not more than $5,000 or by imprisonment for not more than two years, or both.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 7 February 1975

   Introduced

   Referred to Senate Committee on Banking, Housing and Urban Affairs.

   Source: IntroReferral

2. 7 February 1975

   Introduced

   Introduced in Senate

   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 Senate

  summary · EN · 7 February 1975

  Open at official source

Sponsors

• Sen. Mondale, Walter F. [D-MN] · D · Sponsor
• Sen. Brooke, Edward W. [R-MA] · R · Cosponsor
• Sen. Hart, Philip A. [D-MI] · D · Cosponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Cosponsor
• Sen. Humphrey, Hubert H. [D-MN] · D · Cosponsor
• Sen. Hollings, Ernest F. [D-SC] · D · Cosponsor
• Sen. Tunney, John V. [D-CA] · D · Cosponsor
• Sen. Percy, Charles H. [R-IL] · R · Cosponsor
• Sen. Schweiker, Richard S. [R-PA] · R · Cosponsor
• Sen. Cannon, Howard W. [D-NV] · D · Cosponsor
• Sen. Haskell, Floyd K. [D-CO] · D · Cosponsor
• Sen. Culver, John C. [D-IA] · D · Cosponsor
• Sen. Stevenson, Adlai E., III [D-IL] · D · Cosponsor
• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Homeowners' Loan Act