Homeowners' Loan Act

[AI summary unavailable — showing source text] Homeowners' Loan Act - Establishes the Homeowner's Loan Corporation. Requires the Board of Directors of the Corporation to determine the minimum amount of capital stock of the Corporation and to increase such capital stock from time to time in such amounts as may be necessary. Authorizes the Corporation to issue bonds in an aggregate amount not to exceed $10,000,000,000 which may be sold by the Corporation to obtain funds for carrying out the purposes of this Act. Directs the Corporation during such period to make assistance payments to individuals and families who have incurred substantial losses of income as a result of unemployment. Directs that such payments be sufficient to enable such individuals and families to meet home mortgage payments. Stipulates that such payments not be made for a period in excess of eighteen months with respect to any mortgagor. Prohibits such payments unless the Corporation determines that such mortgagor will be able to avoid or cure a default on the mortgage. Authorizes the Corporation for a period of three years, but only during any three calendar quarters beginning with one in which the Federal Home Loan Bank Board determines that the foreclosure …