Homeowners' Loan Act
Latest action. Referred to Senate Committee on Banking, Housing and Urban Affairs.
Homeowners' Loan Act - Establishes the Homeowners' Loan Corporation. Requires the Board of Directors of the Corporation to determine the minimum amount of capital stock of the Corporation and to increase such capital stock from time to time in such amounts as may be necessary. Authorizes the Corporation to issue bonds in an aggregate amount not to exceed $10,000,000,000 which may be sold by the Corporation to obtain funds for carrying out the purposes of this Act. Authorizes the Corporation for a period of three years after the date of enactment of this Act, but only during any calendar quarter in which the Federal Home Loan Bank Board determines that the foreclosure rate exceeds one-half of 1 percent, to acquire home mortgages and other obligations and liens secured by real estate. States that each home mortgage or other obligation or lien so acquired shall be carried as a first lien or refinanced as a home mortgage by the Corporation on the basis of the price paid therefore by the Corporation, and shall be amortized by means of monthly payments sufficient to retire the interest and principal within a period of not to exceed thirty years. Directs the Board to issue such rules and regulations as may be necessary, including rules and regulations providng for the appraisal of the property on which loans are made under this section so as to accomplish the purposes of this Act. States that whoever makes any statement, knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Homeowners' Loan Corporation of the Board upon any application, advance, discount, purchase, or repurchase agreement, or loan under this Act, or any extension thereof, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than two years, or both.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on March 20, 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 March 20, 1974: 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?
WALTER MONDALE (D-MN) introduced it on March 20, 1974, and 8 members have since signed on as cosponsors.
They come from both major parties: 7 Democrats, 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 March 20, 1974, 19167 days ago. The most recent recorded action was 19167 days ago, on March 20, 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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers