Mortgage Warehousing Facility Act of 1981
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Mortgage Warehousing Facility Act of 1981 - Authorizes the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation to issue variable-rate debentures to eligible institutions in exchange at par for residential mortgages which were made or acquired prior to December 1, 1979, and which provide a return not in excess of seven and one-half percent per annum. Requires such institutions to demonstrate the ability to continue as a safe and sound financial institution after the issuance of debentures. Prohibits an eligible institution from exchanging more than 75 percent of the mortgages held by it for such debentures. Requires each eligible institution, beginning in the third year following the issuance of any debentures, to allocate each year an amount equal to 50 percent of any increase in its net operating income after interest and dividends over the net operating income after interest and dividends during the next preceding year to the repurchase of mortgages at par from such corporations and the pro rata retirement of any debentures still outstanding. Requires the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation, as the case may be, within ten years after the issuance of any such debenture, to recall such debenture and return any mortgage acquired from it to the eligible institution. Authorizes such corporations to issue nonmarketable debentures to eligible institutions. States that such debentures shall have maturities not in excess of ten years and bear interest rates prescribed by such corporations. Directs that the rates be established and adjusted monthly to equal the average yield on 30 month obligations of the United States. Requires an eligible institution which exchanges a mortgage pursuant to this Act to continue to service such mortgage. Limits the difference between the interest paid on all mortgages received by such corporations and the interest paid on all debentures issued by such corporations to not more than $700,000,000 per annum. Authorizes appropriations.
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 15, 1981. 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 31, 1981: Referred to Subcommittee on Financial Institutions Supervision, Regulation and Insurance.
- 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 97th Congress (1981-82), 473 of the 11,489 bills and joint resolutions introduced became law, about 4.1 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?
RICHARD OTTINGER (D-NY) introduced it on December 15, 1981. No cosponsors are recorded.
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 15, 1981, 16388 days ago. The most recent recorded action was 16372 days ago, on December 31, 1981.
Measures do not carry over. Anything the 97th Congress has not finished by January 3, 1983 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