H.R. 6008 (97th): A bill to amend the National Housing Act to provide for emergency interest reduction payments and for other purposes.

Introduced:
Mar 31, 1982 (97th Congress, 1981–1982)
Status:
Died (Referred to Committee)
Sponsor
Earl Coleman
Representative for Missouri's 6th congressional district
Party
Republican
Related Bills
H.R. 5980 (identical)

Referred to Committee
Last Action: Mar 30, 1982

 
Status

This bill was introduced on March 31, 1982, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 31, 1982
Referred to Committee Mar 31, 1982
 
Summary

No summaries available.

Cosponsors
none
Committees

House Financial Services

Housing and Insurance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


3/31/1982--Introduced.
Amends the National Housing Act to authorize the Secretary of Housing and Urban Development, through the Government National Mortgage Association, to assist middle- and lower-income families in acquiring a home or membership in a cooperative housing association by making periodic interest reduction payments on their behalf to mortgagees and lenders.
Prohibits the Secretary from entering into contracts to provide interest reduction payments during any month unless the Federal Home Loan Bank Board's home mortgage interest rate index for the most recent two-month period exceeds 12.5 percent per year.
Conditions eligibility for interest reduction payments on the insurability of the first mortgage or loan secured by such property.
Sets forth the qualifications for insurance, which include requirements that:
(1) the loan be executed by a borrower who has an annual income of less than $30,000;
(2) the loan involve a one- to four-family dwelling the construction of which was completed on or after March 6, 1982;
(3) the loan be amortized over 30 years; and
(4) beginning with the second year, the loan payments be increased by a specified amount which shall be applied to the principal obligation until it is paid off.
Limits the duration of the interest reduction payments to five years.
Declares that the amount of all such payments shall constitute a second lien on the property.
Requires repayment of such amount, not to exceed 60 percent of the homeowner's net equity:
(1) upon the sale or disposition of the property;
(2) upon the refinancing of the loan; or
(3) when the owner ceases to occupy the property as a principal residence for a period exceeding nine months.
Limits the amount of interest reduction payments to the difference between the amount of the monthly principal and interest payment under the terms of the loan and the amount such payment would be if the interest rate on the loan were:
(1) 11 percent per year; or
(2) four percentage points less than the rate specified in the loan, whichever rate is higher.
Requires the Secretary to:
(1) allocate the amount available to carry out this Act on the basis of the population, number of housing starts, and unemployment in each State relative to all States; and
(2) assure that the allocated amounts are made available in a manner which maximizes participation by eligible lenders and borrowers.
Declares that any mortgage insured or assisted under this Act shall be eligible for purchase by the Federal National Mortgage Association and the Federal Home Loan Mortgage Association Corporation. Authorizes appropriations.

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

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