Emergency Housing Finance Assistance Act
Latest action. Referred to House Committee on Banking and Currency.
Emergency Housing Finance Assistance Act - Declares the finding of the Congress that: (1) inflationary conditions affecting the economy and necessary actions to curb inflation have had a disproportionately severe impact upon housing and related industries, and this impact has persisted despite a number of governmental measures adopted to date; and (2) pending development and implementation of other possible measures in the restoration of eocnomic stability, there is an urgent need for additional housing assistance authority which, through maximum use of existing mechanisms, can be immediately implemented to mitigate hardships and ameliorate conditions in the housing industry that could have serious adverse consequences for the economy as a whole. Directs the Secretary of Housing and Urban Development, in order to carry out the purpose of this Act, subject to such conditions as he may prescribe consistent with the provisions of this Act, to authorize the Government National Mortgage Association, pursuant to commitments or otherwise, to purchase, service, sell (with or without recourse) or otherwise deal in mortgages which are not insured or guaranteed by any Federal agency or authority within the meaning of its authority under the National Housing Act and which have an original principal obligation which does not exceed $45,000 per family residence or dwelling unit. Provides that such Association shall have, with respect to any mortgages purchased under this Act, all the powers and authorities specified in the National Housing Act with respect to mortgages eligible for purchase by the Association under such Act. Provides that the purchase by the Association of any mortgage originated more than one year prior to such purchase shall be subject to such conditions or certifications as the Secretary may require to assure that the proceeds of the transaction or equivalent funds are used by the seller for additional mortgage lendings in furtherance of the purpose of this Act. Authorizes such Association to guarantee securities based on pools or trusts of mortgages assisted under this Act, as provided in the National Housing Act with respect to federally insured or guaranteed mortgages, and to act as issuer of such guaranteed securities. Provides that the total amount of outstanding purchases and commitments authorized by the Secretary to be made pursuant to this Act shall not exceed $8,000,000,000 at any one time. Provides that no mortgages shall be purchased under this Act after October 31, 1976, except pursuant to a commitment issued on or before such date.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on October 3, 1974. 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 October 3, 1974: 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 October 3, 1974, and 3 members have since signed on as cosponsors.
They are 3 Republicans.
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 October 3, 1974, 18970 days ago. The most recent recorded action was 18970 days ago, on October 3, 1974.
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