Emergency Housing Employment Act

[AI summary unavailable — showing source text] Emergency Housing Employment Act - Authorizes the Secretary of Housing and Urban Development to make and contract to make periodic assistance payments on behalf of homeowners to mortgagees. States that in order to be eligible for such assistance the mortgage must secure property which is used as the original owner's principal residence. Provides that assistance payments on behalf of homeowners shall be in an amount not to exceed the difference between the amount of principal and interest due under the mortgage and the amount of principal and interest that would be due if the mortgage were to bear interest at a yearly rate of seven percent. Authorizes to be appropriated such sums as may be necessary to carry out the provisions of this Act.…