Emergency Mortgage Credit Act

[AI summary unavailable — showing source text] Emergency Mortgage Credit Act - Title I: Deposit Insurance - Increases the Federal Deposit Insurance Corporations (FDIC) and the Federal Savings and Loan Insurance Corporation's (FSLIC) insurance limits on individual accounts from the current $20,000 to $50,000. Title II: Lending and Investment Powers, Federal Savings and Loan Associations - Increases the present $45,000 limitation on the amount of the loan which a federal institution may make on a single family residence to $55,000. Permits a Federal Savings and Loan Association to make loans respecting real property or interest therein used primarily for residential purposes without regard to the limitations and restrictions otherwise contained in the Home Owners Loan Act in an amount not in excess of 10% of its assets. Title III: Mortgage Corporations - Allows, under the Federal Home Loan Mortgage Corporation Act, the purchase of a conventional mortgage with the outstanding balance exceeding 80% of value when the excess over 80% is insured by a qualified private insurer. Provides that national banks, state-chartered banks which are members of the Federal Reserve System, Federal Home Loan Banks, Federal savings and loan associati…