S 655 · 94th Congress · Housing and Community Development

Home Retention Act

Introduced 1975-02-07· Sponsored by Sen. Sparkman, John J. [D-AL]· Senate

Bill Progress

✓
Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Referred to Senate Committee on Banking, Housing and Urban Affairs.(1975-02-07)

Plain Language Summary

[AI summary unavailable — showing source text] Home Retention Act - Authorizes, under the National Housing Act, a temporary program to cure home mortgage defaults by providing for (1) refinancing the entire amount of the mortgage; (2) suspending the mortgagor's obligation to pay; and (3) recasting the entire amount of the mortgage debt. Authorizes the guarantee of securities based on pools or trusts of the mortgages acquired. Allows the sale of securities guaranteed under this Act to any Federal Reserve Bank. Authorizes the Secretary to waive the requirement for payment of any mortgage insurance premium.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Republican
Sen. Tower, John G. [R-TX]