A bill to amend the National Housing Act for the purpose of imposing certain conditions with respect to mortgages insured under title II of such Act.

[AI summary unavailable — showing source text] Amends the National Housing Act to set forth the percentage of the total charges, including points and service on carrying charges, which a mortgagee must pay to the Federal Government upon foreclosure of a government - insured mortgage loan. Restricts the power of the Secretary of Housing and Urban Development to enter mortgage insurance contracts where the mortgagee has already foreclosed upon a specified number of mortgages insured under such Act. Prescribes conditions which must be met before a mortgagee may utilize property which secures a government-insured mortgage.…