A bill to authorize, on an emergency basis, the Government National Mortgage Association to provide assistance with respect to certain mortgages secured by newly constructed, unsold homes.

Amends the Federal National Mortgage Association Charter Act to authorize the Secretary of Housing and Urban Development to direct the Government National Mortgage Association, during fiscal year 1982, to provide financial assistance to mortgagors by reducing the mortgage payments for certain new homes to amounts the payments would equal if the interest rates on such mortgages were 12 percent. Directs the Association to provide such assistance by: (1) purchasing and servicing mortgages; or (2) making payments to mortgagees on the principal of or interest on mortgage loans.

Requires the Association to recapture the lesser of the amount of assistance provided to a mortgagor or 50 percent of the net appreciation of the assisted property whenever the property is sold or refinanced or whenever the property is no longer the mortgagor's principal place of residence.

Directs the Secretary to provide that: (1) assistance is allocated among the regions of the country on the basis of each region's inventory of unsold, newly constructed homes; (2) the amount of assistance provided to any mortgagor shall not exceed $6,000; and (3) priority for assistance is given to first-time buyers who could not otherwise afford to buy and who are purchasing modest homes constructed by small homebuilders.