A bill to amend the National Housing Act for the purpose of imposing certain conditions with respect to mortgages insured under title II of such Act.

Amends the National Housing Act to set forth the percentage of the total charges, including points and service on carrying charges, which a mortgagee must pay to the Federal Government upon foreclosure of a government - insured mortgage loan.

Restricts the power of the Secretary of Housing and Urban Development to enter mortgage insurance contracts where the mortgagee has already foreclosed upon a specified number of mortgages insured under such Act.

Prescribes conditions which must be met before a mortgagee may utilize property which secures a government-insured mortgage.