A bill to authorize the Comptroller General to audit the programs, activities, and financial operations of the Federal National Mortgage Association, and to amend certain housing laws for the purpose of improving Federal programs which insure home mortgages.

Authorizes the Comptroller General to audit the programs, activities and financial operations of the Federal National Mortgage Association.

Amends the Housing and Urban Development Act to provide counseling for owners of single-family dwelling units.

Amends the National Housing Act to change from ten to 20 percent the minimum amount of coinsurance which is to be extended to mortgagors, qualified for such coinsurance. Limits mortgage insurance to individuals whose mortgage payments do not exceed 28 percent of the monthly income of the mortgagor's household. Increases to ten percent the amount which a mortgagor is required to have paid before the mortgage is eligible for Federal insurance.