A bill to amend the National Housing Act to provide for an emergency homeownership program, to authorize assistance to avoid mortgage defaults caused by adverse economic conditions, and for other purposes.

[AI summary unavailable — showing source text] Title I: Emergency Homeownership Program - Emergency Homeownership Act of 1982 - Amends the National Housing Act to activate the emergency housing market stimulation program to: (1) direct the Secretary of Housing and Urban Development to provide periodic mortgage assistance payments to homeowners; and (2) authorize the Secretary to insure assisted mortgages. Extends, until March 31, 1983, the Secretary's authority to enter into such assistance contracts and to insure such mortgages. Requires such contracts to provide for assistance payments for up to five years. Directs the Secretary to continue assistance payments to mortgagors who remain eligible after a contract expires to the extent that funds remain in a revolving fund containing recaptured assistance payments and unexpended appropriations under such program. Increases the maximum family income (from 130 to 140 percent of the area median income) over which a mortgagor is disqualified from assistance payments. Allows the Secretary to raise such area median income ceiling to 145 percent when necessary. Limits the maximum amount of assistance payments to the lesser of: (1) the balance of the mortgagor's monthly payment for princ…