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.
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
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.