Emergency Mortgage Credit Act

Summary

Emergency Mortgage Credit Act - Amends the National Housing Act to permit the Secretary of Housing and Urban Development to exercise interim mortgage purchasing authority to promote homeownership opportunities for low-and moderate-income families. Allows the Government National Mortgage Association (GNMA) to purchase and sell any qualified mortgage which has an outstanding principal balance not in excess of 90 percent of the value of the property securing the mortgage. Removes the interest limitation on such mortgages. Prevents the purchasing of mortgages where the mortgagor's income exceeds a specified level. Place a ceiling on the amount of GNMA purchases and commitments.

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

Timeline

1. 11 February 1977

   Introduced

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

   Source: IntroReferral

2. 11 February 1977

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 February 1977

  Open at official source

Sponsors

• Sen. Proxmire, William [D-WI] · D · Sponsor
• · ssbk00 · Standing

Related records

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