Summary: H.R.5398 — 94th Congress (1975-1976)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
House agreed to Senate amendment with amendment (06/26/1975)

(House agreed to Senate amendment with an amendment)

Emergency Homeowners' Relief Act - =Title I: Emergency Mortgage Relief= - Sets forth conditions to be met before assistance will be extended under this title, including that the mortgagee has indicated intent to foreclose, payments have been delinquent three months, and the mortgagor has incurred a substantial reduction in income as a result of involuntary unemployment or underemployment due to adverse economic conditions and is financially unable to make full mortgage payments.

Permits assistance under this title to be up to $250 per month for 12 months, renewable once for another 12 months.

Authorizes the Secretary of Housing and Urban Development to insure financial institutions against losses which they may sustain as a result of emergency loans or advances of credit made in accordance with the provisions of this title. Sets forth limitations on coverage of such insurance and prescribes premiums to be charged.

Authorizes the Secretary to make repayable emergency mortgage relief payments directly to mortgagees on behalf of homeowners whose mortgages are held by specified financial institutions and who are delinquent in their mortgage payments.

Authorizes the Secretary to establish in the Treasury of the United States an Emergency Homeowners' Relief Fund which shall be available to the Secretary without fiscal year limitation to carry out the purposes of this title.

Authorizes to be appropriated for purposes of this title such sums as may be necessary, except that the funds authorized to be appropriated for emergency mortgage relief payments shall not exceed $500,000,000.

Terminates extension of assistance under this title on June 30, 1976.

Provides that for one year each Federal supervisory agency with respect to financial institutions subject to its jurisdiction, and the Secretary, with respect to other approved mortgagees, shall take appropriate action to waive or relax limitations pertaining to the operations of such institutions or mortgagees with respect to mortgage delinquencies.

Requires reports to the Congress at 60-day intervals regarding specified provisions under this Act.

Authorizes the Federal Deposit Insurance Corporation to make such advances to any insured bank as the Corporation determines may be necessary or appropriate to facilitate participation by such bank in the program authorized by this title.

=Title II: Amendments to the Emergency Home Purchase Assistance Act of 1974= - Permits assistance under the Emergency Home Purchase Assistance Act of 1974 only when the interest rate on a mortgage does not exceed 7 1/2 percent or the rate set by the Secretary applicable to mortgages insured under section 203(b) of the National Housing Act.

Extends the provisions of such Act to cover the purchase, service, selling, and other dealing in a mortgage which covers more than four-family residences, including residences in a cooperative or condominium, or a single-family unit in a condominium.

Authorizes total assistance under such Act as is approved in an appropriation Act, but not to exceed $10,000,000,000.

Extends the provisions of such Act until July 1, 1976.

=Title III: Emergency Repair and Rehabilitation Authority= - Extends authority for emergency repair and rehabilitation assistance, and $100,000,000 in appropriations therefor, through fiscal year 1976.