Emergency Home Finance Act

Emergency Home Finance Act - Expresses the findings of Congress, including that there is an urgent need to provide an alternate source of residential mortgage credit on an emergency basis.

Authorizes the Secretary of Housing and Urban Development to make mortgage loans to finance the purchase of housing in geographic areas where he determines, after consultation with the Chairman of the Federal Reserve Board and the Chairman of the Federal Home Loan Bank Board, that mortgage credit is not available on reasonable terms at specified interest rates.

Establishes in the Treasury of the United States a trust fund to be known as the National Housing Trust Fund for the purpose of making, processing, and servicing direct mortgage loans.

States that, to carry out the purposes of this Act, the Secretary is authorized to issue to the Secretary of the Treasury notes or other obligations in an aggregate amount not to exceed $5,000,000,000.

Requires the Secretary to transmit to the Congress not later than March 15 of each year a report on his activities under this Act during the preceding year, and on any activities he anticipates during the year in which the report is made.