Housing Equity Loan Program Act

[AI summary unavailable — showing source text] Housing Equity Loan Program Act - Title I: Federal Housing Finance Corporation - Creates the Federal Housing Finance Corporation. Designates the Secretary of Housing and Urban Development as Chairman of the Board of Governors of the Corporation and the Secretary of the Treasury and the Chairman of the Federal Home Loan Bank Board as the other Board members. Authorizes the Corporation to issue notes or other tax-exempt obligations bearing rates of interest not exceeding 13 percent per annum to obtain funds in order to assist in the financing of mortgages. Directs the Corporation to make payments on such obligations from funds received from assisted financial institutions. Directs the Secretary of the Treasury to pay the principal and interest on an obligation in the event the Corporation fails to pay such amount when the obligation becomes due. Provides for the purchase and sale of obligations of the Corporation by the Secretary of the Treasury. Terminates the Corporation's authority to issue obligations on December 31, 1985, except as necessary to provide funds for the performance of a contract entered into by the Corporation before such date. Requires funds received from the issua…