Private Mortgage Insurance Guarantee Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Private Mortgage Insurance Guarantee Act - Expresses the findings of Congress and sets forth the definitions of terms used in this Act. Authorizes the Secretary of Housing and Urban Development to guarantee private mortgage insurance contracts issued by eligible private mortgage insurers. States that such agreements shall contain such incontestability provisions and conditions as the Secretary shall determine, except that they shall not relieve a private mortgage insurer of its primary obligation to perform the guaranteed mortgage insurance contracts. Establishes in the Treasury a fund to be used as a revolving fund for the purposes of this Act. Authorizes the Secretary to issue notes if the fund moneys are insufficient. States that guarantee agreements made by the Secretary under this Act may provide for payment of claims to insured mortgagees in cash or debentures, or both. Provides for judicial review of claims under this Act. Requires any private mortgage insurer participating in a guarantee program to furnish the Secretary with such information as may be required by the Secretary. Authorizes to be appropriated such sums as may be necessary to carry out this Act.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 1, 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 October 1, 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?
JOHN TOWER (R-TX) introduced it on October 1, 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 October 1, 1973, 19337 days ago. The most recent recorded action was 19337 days ago, on October 1, 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