Mortgage Market Assistance Act
Latest action. Referred to House Committee on Banking and Currency.
Mortgage Market Assistance Act - Title I: Downpayment Requirements and Maximum Mortgage Amounts Under Federal Housing Administration Programs - Provides for an increase in the downpayment requirements for Federal Housing Administration one-to-four-family mortgages. Increases the maximum mortgage amounts under such programs. Establishes increases in the maximum mortgage amounts under Federal Housing Administration multifamily mortgage insurance programs. Title II: Lending and Investment Powers, Federal Savings and Loan Associations - Authorizes Federal Savings and Loan Associations to invest an amount, not exceeding the greater of: (1) the sum of its surplus, undivided profits, and reserves; or (2) 5 percent of its assets, in loans or in interests therein the principal purpose of which is to provide financing with respect to what is or is expected to become primarily residential real estate within one hundred miles of their home office or within the State in which such office is located. Title III: Mortgage Corporations - Provides that no conventional mortgage shall be purchased by the Federal Home Loan Mortgage Corporation if the outstanding principal balance of the mortgage at the time of purchase exceeds 80 percent of the value of the property securing the mortgage. Requires financial institutions to warrant to the Corporation that for each dollar amount of mortgage loans purchased by the Corporation from the seller under a purchase contract, a dollar amount equal thereto will be advanced or committed in residential mortgage loans by the seller within one hundred and eighty days of the purchase contract. Title IV: National Banks - Authorizes any national banking association to make real estate loans secured by liens upon unimproved real estate, including improved farm land and improved business and residential properties, and upon real estate to be improved by a building or buildings to be constructed or in the process of construction. Increases the amount of such loans. Title V: Insured Loans to Provide Fire Safety Equipment for Nursing Homes and Intermediate Care Facilities - Authorizes the Secretary of Housing and Urban Development to make commitments to insure loans made by financial institutions to nursing homes and intermediate care facilities to provide for the purchase and installation of fire safety equipment necessary for compliance with the 1967 edition of the Life Sefety Code of the National Fire Protection Association or other such codes or requirements recognized by the Secretary of Health, Education, and Welfare as conditions of participation for providers of services under title XVIII (Medicare) and title XIX (Medicaid) of the Social Security Act. Title VI: Authorization for Public Housing Program - Authorizes an appropriation of $350,000,000 for fiscal year 1974 to carry out the public housing program.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on December 7, 1973. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on December 7, 1973: Referred to House Committee on Banking and Currency.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM WIDNALL (R-NJ) introduced it on December 7, 1973, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on December 7, 1973, 19270 days ago. The most recent recorded action was 19270 days ago, on December 7, 1973.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers