Amendments to the Emergency Home Purchase Assistance Act

[AI summary unavailable — showing source text] Amendments to the Emergency Home Purchase Assistance Act - Expands the authority of the Government National Mortgage Association to provide residential mortgage credit and states that such expansion of authority shall remain in effect for 2 years following the date of enactment of this Act in order to halt the recession in homebuilding and related industries and to increase the supply of mortgage credit to prospective home purchasers. Increases the aggregate amount of mortgage credit which may be insured at anyone time under the National Housing Act from $7,750,000,000 to $10,000,000,000. Specifies conditions under which the Secretary of Housing and Urban Development may purchase mortgages covering more than four-family residences or single-family units in condominium projects not insured under the National Housing Act or guaranteed under the mortgage purchase assistance program of the Veterans' Administration.…