Private Mortgage Insurance Guarantee Act

[AI summary unavailable — showing source text] 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.…