American Dream Act

[AI summary unavailable — showing source text] American Dream Act - Amends the Home Owners' Loan Act of 1933 to authorize the Home Loan Bank Board to permit Federal savings and loan associations to offer graduated payment and reverse-annuity mortgages. Requires provisions in any reverse-annuity mortgage to protect the mortgagor from loss of the property involved in the event funds available under such annuity are depleted. Directs each savings and loan association to offer a fixed-rate mortgage along with the offer to extend a graduated-payment or reserve-annuity mortgage and to make a comparison of the terms of such instruments. Stipulates that any graduated-payment mortgage must provide the mortgagor with an option to convert such mortgage to a fixed-rate mortgage. Prohibits any annual increase in the payment due under a graduated-payment mortgage from exceeding seven-and-one-half percent of the total payment during the preceding year. Prohibits any savings and loan association from investing in any variable-rate or rollover mortgage after January 1, 1979. Grants any individual who received such a mortgage after such date the option to convert it to a fixed-rate mortgage bearing interest at the rate available when the alterna…