Emergency Mortgage Credit Act

Emergency Mortgage Credit Act - Title I: Deposit Insurance - Increases the Federal Deposit Insurance Corporations (FDIC) and the Federal Savings and Loan Insurance Corporation's (FSLIC) insurance limits on individual accounts from the current $20,000 to $50,000.

Title II: Lending and Investment Powers, Federal Savings and Loan Associations - Increases the present $45,000 limitation on the amount of the loan which a federal institution may make on a single family residence to $55,000. Permits a Federal Savings and Loan Association to make loans respecting real property or interest therein used primarily for residential purposes without regard to the limitations and restrictions otherwise contained in the Home Owners Loan Act in an amount not in excess of 10% of its assets.

Title III: Mortgage Corporations - Allows, under the Federal Home Loan Mortgage Corporation Act, the purchase of a conventional mortgage with the outstanding balance exceeding 80% of value when the excess over 80% is insured by a qualified private insurer. Provides that national banks, state-chartered banks which are members of the Federal Reserve System, Federal Home Loan Banks, Federal savings and loan associations, and Federal credit unions leave statutory power to purchase mortgages, obligations or other securities which are sold or ever have been sold by the Federal Home Loan Mortgage Corporation without regard to limitations which might be otherwise applicable to purchase of such mortgages, obligations or other securities.

Increases, under the National Housing Act, the maximum mortgage purchase limit for the Government National Mortgage Association from $22,000 to $33,000.

Prohibits officers or directors of a financial institution or other mortgage lender engaged in the organization of mortage loans from owning an interest in a private mortgage insurance company.

Title IV: Downpayment Requirements and Maximum Mortgage Amounts Under Federal Housing Administration Programs - Increases the downpayment requirements for Federal Housing Administration mortgages on one to four-family homes. Increases the maximum mortgage amounts of the FHA's one to four-family mortgage insurance programs and multi-family mortgage insurance programs.

Title V: National Banks - Authorizes, under the Federal Reserve Act, additional lending and investment powers for national banks relative to real estate including making loans against unimproved real estate up to 66-2/3 percent of the appraised value and, if improved with off-site improvements, up to 75 percent of the appraised value.

Title VI: Authorizations for Community Development and Housing Programs - Provides that it is the intent of Congress that the authorizations and program extensions set out in this Title for the various community development and housing programs of the Department of Housing and Urban Development are being provided in order to permit continued activities under these necessary programs until new or revised programs are enacted into law and operational with adequate funding.

Authorizes additional appropriations for: (1) urban renewal; (2) model cities; (3) rehabilitation loans; (4) basic water and sewer facilities grants and neighborhood facilities grants; (5) comprehensive planning; (6) homeownership assistance; (7) rental housing assistance; (8) rent supplements; and (9) public housing.