Mortgage Warehousing Facility Act of 1981

[AI summary unavailable — showing source text] Mortgage Warehousing Facility Act of 1981 - Authorizes the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation to issue variable-rate debentures to eligible institutions in exchange at par for residential mortgages which were made or acquired prior to December 1, 1979, and which provide a return not in excess of seven and one-half percent per annum. Requires such institutions to demonstrate the ability to continue as a safe and sound financial institution after the issuance of debentures. Prohibits an eligible institution from exchanging more than 75 percent of the mortgages held by it for such debentures. Requires each eligible institution, beginning in the third year following the issuance of any debentures, to allocate each year an amount equal to 50 percent of any increase in its net operating income after interest and dividends over the net operating income after interest and dividends during the next preceding year to the repurchase of mortgages at par from such corporations and the pro rata retirement of any debentures still outstanding. Requires the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corpo…