Emergency Housing Finance Assistance Act

Emergency Housing Finance Assistance Act - Declares the finding of the Congress that: (1) inflationary conditions affecting the economy and necessary actions to curb inflation have had a disproportionately severe impact upon housing and related industries, and this impact has persisted despite a number of governmental measures adopted to date; and (2) pending development and implementation of other possible measures in the restoration of eocnomic stability, there is an urgent need for additional housing assistance authority which, through maximum use of existing mechanisms, can be immediately implemented to mitigate hardships and ameliorate conditions in the housing industry that could have serious adverse consequences for the economy as a whole.

Directs the Secretary of Housing and Urban Development, in order to carry out the purpose of this Act, subject to such conditions as he may prescribe consistent with the provisions of this Act, to authorize the Government National Mortgage Association, pursuant to commitments or otherwise, to purchase, service, sell (with or without recourse) or otherwise deal in mortgages which are not insured or guaranteed by any Federal agency or authority within the meaning of its authority under the National Housing Act and which have an original principal obligation which does not exceed $45,000 per family residence or dwelling unit. Provides that such Association shall have, with respect to any mortgages purchased under this Act, all the powers and authorities specified in the National Housing Act with respect to mortgages eligible for purchase by the Association under such Act. Provides that the purchase by the Association of any mortgage originated more than one year prior to such purchase shall be subject to such conditions or certifications as the Secretary may require to assure that the proceeds of the transaction or equivalent funds are used by the seller for additional mortgage lendings in furtherance of the purpose of this Act.

Authorizes such Association to guarantee securities based on pools or trusts of mortgages assisted under this Act, as provided in the National Housing Act with respect to federally insured or guaranteed mortgages, and to act as issuer of such guaranteed securities.

Provides that the total amount of outstanding purchases and commitments authorized by the Secretary to be made pursuant to this Act shall not exceed $8,000,000,000 at any one time. Provides that no mortgages shall be purchased under this Act after October 31, 1976, except pursuant to a commitment issued on or before such date.