Homeowners 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 moderate-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 $30,000 for up to 30 years under the program.

Authorizes appropriations of $2,000,000,000 a year for five years to establish a basic capitalization of $10,000,000,000. Provides that thereafter, if repayments on outstanding loans or investment income did not provide a loan pool of at least $2,000,000,000 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.