A bill to limit certain authorities under the National Housing Act.

Amends the National Housing Act to limit the aggregate amount of commitments to guarantee mortgage-backed securities issued by the Federal National Mortgage Association that the Government National Mortgage Association may enter into during FY 1983.

Limits the aggregate principal amount of loans and mortgages that the Secretary of Housing and Urban Development may enter into commitments to insure during FY 1983.

Directs the Secretary to notify Congress whenever the cumulative amount of either of such commitments for any quarter of the fiscal year exceeds the pro rata share of the fiscal year commitment authority.