A bill to amend section 24 of the Federal Reserve Act to broaden the powers of national banks to make real estate loans.

[AI summary unavailable — showing source text] 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 val…