A bill to establish a Federal Housing Bank to purchase mortgages from the Federal National Mortgage Association and the Federal Home Loan Bank System having rates of interest no higher than 6 per centum, to refinance mortgages of families stricken by unemployment, to provide emergency mortgage relief.
Federal Housing Bank Act - Declares the findings of the Congress, including that: (1) decent, safe, and sanitary housing cannot be provided if interest rates on home mortgages are inordinately high; and (2) Congress must create an institution which can reduce the costs of financing the purchase of a home for the average American family.
Creates a body corporate to be known as the Federal Housing Bank, which shall have succession until dissolved by Act of Congress. Requires that the Bank shall be an agency of the United States Government and shall maintain such offices as may be necessary or appropriate. Sets forth the general powers of the Bank. Authorizes the Secretary of the Treasury, in order to facilitate the formation of the Bank, to pay initial organizing and operating expenses. Authorizes to be appropriated not to exceed $500,000 for this purpose.
Grants the Bank the authority: (1) to make commitments to purchase, and to purchase, service, and sell home mortgages on single family homes, or condominiums or cooperatives, from the Federal National Mortgage Association or the Federal Home Loan Bank system, and (2) to make commitments to purchase, and to purchase, hold, and refinance mortgages on homes of persons who certify that they have been unemployed for six months and do not have assets that could be used to pay the mortgage on their principal dwelling place.
Authorizes the Bank to declare a moratorium on payments of principal, interest, or both for a period of 18 months on terms and conditions to be determined by the Bank so as to alleviate hardship arising from unemployment.
Authorizes the Bank to issue and have outstanding obligations having such maturities and bearing such interest as may be determined by the Bank. Permits the Bank to require the Secretary of the Treasury to purchase obligations of the Bank.
Authorizes annual payments to the Bank by the Secretary of the Treasury.
Requires an audit report to the Congress on an annual basis. Provides for an additional annual report to the Congress on the Bank's activities.
Referred to House Committee on Banking, Finance and Urban Affairs.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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