Home Owners Mortgage Loan Corporation Act

Home Owners Mortgage Loan Corporation Act - Creates the Home Owners Mortgage Loan Corporation, an independent agency, authorized to make direct loans to credit-worthy families in the middle-income range who cannot otherwise obtain home financing at reasonable rates of interest.

Provides that the proposed Corporation shall have a board of directors of nine members including the Commissioner of the Federal Housing Administration. Directs the Board to set all policies.

Defines moderate income eligible families as those with incomes of $12,000 or less, a figure which could later be raised or lowered by the Board. Asserts that the maximum interest rate to be charged by the Federal Government shall be 6 1/2 percent, or less. Authorizes loans as high as $24,000 for up to 30 years under the program.

Authorizes appropriations of $2 billion a year for 5 years to establish a basic capitalization of $10 billion. Provides that thereafter, if repayments on outstanding loans or investment income did not provide a loan pool of at least $2 billion a year, additional appropriations would be authorized.

Requires the Corporation to make an annual report to the President and Congress on its activities and recommendations for administrative or legislative action.