Federal Housing Administration Act

[AI summary unavailable — showing source text] Federal Housing Administration Act - Expresses the purposes of this Act. Establishes, under the National Housing Act, a government corporation, called the Federal Housing Administration (FHA) in the executive branch to carry on mortgage insurance programs. Gives the FHA permanent existence, and provides for its powers to continue without interruption until the corporation is formally dissolved by Congress. Provides that the FHA is to be governed by a 6 member Board of Directors, and a Commissioner who is also Chairman of the Board. Sets forth the responsibilities of the Board of Directors of the FHA, including to exercise general supervision over the functioning of the FHA. Requires the Board to approve actions taken by the Commissioner in setting maximum mortgage amounts, fees and premiums, and mortgage market interest rates. Establishes the Commissioner of the FHA as the administrative and executive head of the Corporation, to be appointed by the President for a six year term. Directs the Commissioner to advise the Board and the President on housing matters under the scope of the Act and to provide information and technical assistance on the subject of housing to State and local …