Home Preservation Act

[AI summary unavailable — showing source text] Home Prevention Act - Title I: Refinancing for Home Preservation - Authorizes the Secretary of Housing and Urban Development to insure any mortgage in accordance with the provisions of this Act, and to make commitments for such insurance prior to the date of the execution of any mortgage or any disbursement thereon. Directs the Secretary to establish procedures to expedite, to the maximum extent feasible, the processing and approval of applications for such insurance States that the purpose of this Act is to encourage the preservation and upgrading of existing low-and moderate-income housing through such a program of mortgage insurance. Provides that such mortgage insurance shall apply to predominately residential property which provides either low-or moderate-income housing and satisfies specified conditions regarding the property's potential and present condition. Provides for a limitation on the amount of indebtedness insured. Provides for complete amortization by periodic payments within terms satisfactory to the Secretary, as the mortgagor and mortgagee agree upon, but not to exceed 25 years. Provides that the interest rate on such mortgage shall not exceed the Secretary's reg…