A bill to restrict the Federal National Mortgage Association with respect to its authority to preclude the assumption of mortgages secured by single-family residences.

Prohibits the Federal National Mortgage Association, for four years after enactment of this Act, from precluding the assumption of a mortgage on a single-family residence, except on the basis: (1) that the person assuming the mortgage is not creditworthy; or (2) of criteria for the condition of the residence which were used in the original mortgage financing determination.

Directs the Secretary of Housing and Urban Development to report to Congress on the number of families who were able to purchase a residence because of this Act, the number of families who could purchase a residence in the future if this prohibition were continued, and the reasons, if any, for discontinuing the prohibition.