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 homes, and for other purposes.

Amends the Federal National Mortgage Association Charter Act to authorize the Secretary of Housing and Urban Development to direct the Government National Mortgage Association 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 housing and building permits issued for newly constructed homes; (2) no mortgagor receives more than $6,000 in assistance; and (3) modest homes and small home building operations are priority assistance recipients.

Directs the Association to provide such assistance in FY 1982 and FY 1983 by using the authority provided for such years to carry out the low-rent public housing loan fund under the United States Housing Act of 1937.