A bill to authorize the Department of Housing and Urban Development to insure and otherwise promote the use of mortgage instruments with monthly payments and loan balances that are adjusted to reflect changes in a selected index which measures the rate of inflation or the rate of change in wages or consumer disposable income.
Real Dollar Mortgage Demonstration Act of 1982 - Amends the National Housing Act to authorize the Secretary of Housing and Urban Development to insure mortgages and loans with monthly payments and loan balances that are adjusted to reflect changes in a selected index which measures the inflation rate or changes in wages or consumer disposable income.
Requires the Secretary to insure such a loan or mortgage upon determining that: (1) the principal obligation of the mortgage or loan does not exceed a specified percentage of the appraised value of the attached property; and (2) the monthly payments and principal obligation of the loan or mortgage will not be increased at a rate greater than the percentage change in the selected index. Directs the Secretary to give priority to such mortgages executed by mortgagors who have not owned a home in the preceding three years.
Directs the Secretary to conduct and report to Congress on a demonstration program to insure such loans and mortgages.
Introduced in House
Introduced in House
House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.
House Committee on Banking, Finance and Urban Affairs Discharged by Unanimous Consent.
Called up by House by Unanimous Consent.
Passed/agreed to in House: Passed House by Voice Vote.
Passed House by Voice Vote.
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Housing and Community Development.
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