Mortgage Investment Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Mortgage Investment Act - Allows national banks to make loans secured by unimproved real estate to the extent of 66 2/3 percent of appraised value and removes the requirement that real estate loans be secured only by first liens provided the amount of the loan when added to the amount unpaid upon prior liens does not exceed the applicable ratio of loan to value requirements. Requires the amortization of individual loans only if the loan exceeds 75 percent of the appraised value, or if the real property is improved by a dwelling for one to four families. Provides that the payments in such situations must be sufficient to amortize the entire principal of the loan within a period of not more than thirty years. Provides that the amount of any real estate loan made by a national bank shall not exceed 66 2/3 percent of the appraised value if such real estate is unimproved, 75 percent of the appraised value if such real estate is improved by off-site improvements such as streets, water sewers, or other utilities, 75 percent of the appraised value if such real estate is in the process of being improved by a building or buildings to be constructed or in the process of construction, or 90 percent of the appraised value if such real estate is improved by a building or buildings. States that the provisions of this Act shall not apply to specified real estate loans. Provides that where a loan is secured by real estate and non-real estate collateral, only the amount by which the loan exceeds the value of the collateral of such other security shall be considered as a loan upon the security of real estate. Permits real estate loans secured by forest tracts to be made up to 66 2/3 percent of the appraised value of the growing timber, lands and improvements thereon, and states that such loans shall be in the form of an obligation or obligations secured by mortgage, trust deed, or other such instrument. Provides that any national banking association may make loans upon the security of real estate that does not comply with the limitations and restrictions in this Act if the total unpaid amount loaned does not exceed 10 percent of the amount that a national banking association may invest in real estate loans.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on July 13, 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 July 13, 1973: Referred to Senate Committee on Banking, Housing and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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?
EDWARD BROOKE (R-MA) introduced it on July 13, 1973. 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 July 13, 1973, 19417 days ago. The most recent recorded action was 19417 days ago, on July 13, 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers