Page:United States Statutes at Large Volume 82.djvu/156

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[82 STAT. 114]
[82 STAT. 114]
PUBLIC LAW 90-000—MMMM. DD, 1968

114

38 USC 1801. 12 USC 1713.

12 USC 1715e.

12 USC 1715V.

12 USC 1715y.

Mortgage credit interest rates.

Study commis-

PUBLIC LAW 90-301-MAY 7, 1968

[82 STAT.

be applicable for the said section 203(b)(5) program, the Secretary shall consult with the Administrator of Veterans' Affairs regarding the rate which the Administrator considers necessary to meet the mortgage market for ^ a r a n t e e d or insured home loans to veterans under chapter 37 of title 38, United States Code. (b) Section 207(c)(3) of the National Housing Act is amended by inserting before the period at the end of the first sentence of the second paragraph the following: ", or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market". (c) Section 213(d) of such Act is amended by striking ", except that-• and all that follows p r e e n i n g the period at the end of the first sentence and inserting in lieu thereof "on the amount of the principal obligation outstanding at any time, or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market". (d) Section 231(c)(6) of such Act is amended by striking "or not to exceed and all that follows preceding the semicolon and inserting in lieu thereof "or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market". (e) Section 234(f) of such Act is amended by inserting before the period at the end of the first sentence the following: ", or not to exceed such per centum per annum not in excess of 6 per centum as the Secretary finds necessary to meet the mortgage market. SEC. 4. (a) The Congress finds that the national goal of "a decent home and a suitable living environment for every American family" cannot be reached unless there is an adequate supply of mortgage credit at rates of interest the American family can afford; that in recent yearS this credit has been available only at unreasonably high rates of interest, up as much as 50 per centum in the last three years; that for a moderate income family the cost of financing a home now is greater than the combined cost of land, labor, and construction material; that under existing constitutional arrangements our monetary and fiscal policies seem to be inadequate to cope with these high finance charges; that many financial institutions tend to withdraw from the mortgage market during tight money periods; that the purpose of Government ceilings seems to be thwarted by insidious discount points; that there exists in the public and private.sections of the economy the resources and capabilities necessary to eliminate the problems; and that new and more effective ways should be explored to exploit the power of Government and the economic resources of our Nation to resolve this difficult problem. (b) There is hereby established a commission to study mortgage interest rates and to make recommendations to assure the availability of an adequate supply of mortgage credit at a reasonable cost to the consumer (hereinafter referred to as the "(Commission") which shall be comprised of fifteen members as follows: (1) The chairman and ranking minority member of the Banking and Currency Committee of the United States Senate. (2) The chairman and ranking minority member of the Banking and Currency Committee of the House of Representatives. (3) The chairman and the ranking minority member of the Committee on Veterans' Affairs of the House of Representatives. (4) Two members appointed by the President of the Senate, one from the majority party and one from the minority party other than those referred to in paragraph (1).