To extend through fiscal year 2013 the increase in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, and for other purposes.

Declares that, for mortgages originated during FY2012 and FY2013, if the dollar amount limit on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the limit in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limit on the principal obligation of such a mortgage shall be such maximum limit in effect for 2008 (in effect, an increase in the limit on the maximum original mortgage principal obligation from the FY2012 or FY2013 level to the 2008 level).

Makes a similar declaration (and mortgage principal limit increase), for mortgages for which the mortgagee issues credit approval during FY2012 and FY2013, about the dollar amount limit on the maximum original principal obligation of a mortgage that may be insured by the Secretary of Housing and Urban Development (HUD).

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2508 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2508

To extend through fiscal year 2013 the increase in the maximum original 
principal obligation of a mortgage that may be purchased by the Federal 
    National Mortgage Association or the Federal Home Loan Mortgage 
                  Corporation, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2011

 Mr. Campbell (for himself and Mr. Ackerman) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To extend through fiscal year 2013 the increase in the maximum original 
principal obligation of a mortgage that may be purchased by the Federal 
    National Mortgage Association or the Federal Home Loan Mortgage 
                  Corporation, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR FANNIE MAE AND 
              FREDDIE MAC.

    For mortgages originated during fiscal years 2012 and 2013, if the 
limitation on the maximum original principal obligation of a mortgage 
that may be purchased by the Federal National Mortgage Association or 
the Federal Home Loan Mortgage Corporation determined under section 
302(b)(2) of the Federal National Mortgage Association Charter Act (12 
U.S.C. 1717(b)(2)) or section 305(a)(2) of the Federal Home Loan 
Mortgage Corporation Act (12 U.S.C. 1754(a)(2)) respectively, for any 
size residence for any area is less than such maximum original 
principal obligation limitation that was in effect for such size 
residence for such area for 2008 pursuant to section 201 of the 
Economic Stimulus Act of 2008 (Public Law 110-185; 122 Stat. 619), 
notwithstanding any other provision of law or of this Act, the 
limitation on the maximum original principal obligation of a mortgage 
for such Association and Corporation for such size residence for such 
area shall be such maximum limitation in effect for such size residence 
for such area for 2008.

SEC. 2. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR FHA.

    For mortgages for which the mortgagee has issued credit approval 
for the borrower during fiscal years 2012 and 2013, if the limitation 
on the maximum original principal obligation of a mortgage that may be 
insured by the Secretary of Housing and Urban Development determined 
under subparagraph (A) of section 203(b)(2) of the National Housing Act 
(12 U.S.C. 1709(b)(2)(A)) for any size residence for any area is less 
than such maximum original principal obligation limitation that was in 
effect for such size residence for such area for 2008 pursuant to 
section 202 of the Economic Stimulus Act of 2008 (Public Law 110-185; 
122 Stat. 620), notwithstanding any other provision of law or of this 
Act, the limitation on the maximum original principal obligation of a 
mortgage that may be insured by such Secretary for such size residence 
for such area shall be such maximum limitation in effect for such size 
residence for such area for 2008.
                                 <all>