A bill to amend title III of the National Housing Act to authorize a temporary program to afford mortgagors additional opportunities to cure home mortgage defaults.
Home Retention Act - Authorizes, under the National Housing Act, a temporary program to cure home mortgage defaults by providing for (1) refinancing the entire amount of the mortgage; (2) suspending the mortgagor's obligation to pay; and (3) recasting the entire amount of the mortgage debt.
Authorizes the guarantee of securities based on pools or trusts of the mortgages acquired. Allows the sale of securities guaranteed under this Act to any Federal Reserve Bank. Authorizes the Secretary to waive the requirement for payment of any mortgage insurance premium.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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