H.R. 7016 (96th): Emergency Home Purchase Assistance Authority Amendments of 1980

Introduced:
Apr 02, 1980 (96th Congress, 1979–1980)
Sponsor:
Rep. John Buchanan Jr. [R-AL6]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on April 2, 1980, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 02, 1980
Cosponsors
none
Committees

House Financial Services

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the mortgage amount, sales price, and interest rate limitations under the Government National Mortgage Association emergency home purchase assistance authority, and for other purposes.

Summary

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Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

4/2/1980--Introduced.
Emergency Home Purchase Assistance Authority Amendments of 1979 - Amends the National Housing Act to remove the specific dollar limitations on the original principal obligation of a mortgage which may be purchased by the Government National Mortgage Association (GNMA) under the Emergency Home Purchase Assistance Act. Limits such purchasing authority to mortgages in an amount which would make a residence or project eligible for mortgage insurance under the applicable Federal insurance program. Permits such amounts to be raised by up to ten percent in high cost areas determined by the Secretary of Housing and Urban Development. Limits the sales price of a principal residence covered by a mortgage which may be purchased under the emergency authority of the GNMA to 105 percent of such maximum mortgage amount which may be raised an additional 10 percent in high-cost areas. Eliminates the 7 1/2 percent interest rate limitation on mortgage loans eligible for purchase. Permits the Secretary to establish the maximum interest rate at a level consistent with market conditions provided it does not exceed the maximum rate on mortgages eligible for Federal insurance.

House Republican Conference Summary

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House Democratic Caucus Summary

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