A bill to establish a secondary market for industrial mortgages.
Economic Development National Mortgage Association Act - Establishes the Economic Development National Mortgage Association which is authorized to purchase, make commitments to purchase, hold, deal with, and sell certain kinds of industrial mortgages from any qualified financial institution.
Directs the Association to: (1) establish criteria for determining the eligibility of financial institutions to be certified to originate, sell, and service industrial mortgages; and (2) receive applications for certification.
Permits the Association to issue and sell securities based upon such mortgages as it may set aside.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to Subcommittee on Economic Stabilization.
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