[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2768 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2768

To provide a temporary increase in the maximum loan guaranty amount for 
 certain housing loans guaranteed by the Secretary of Veterans Affairs.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 13, 2008

      Mr. Akaka (for himself, Mr. Reid, Mr. Durbin, Mr. Burr, Mr. 
   Rockefeller, Mrs. Murray, Mr. Obama, Mr. Sanders, Mr. Brown, Mr. 
    Baucus, Mrs. Clinton, Mr. Kerry, and Mrs. Boxer) introduced the 
 following bill; which was read twice and referred to the Committee on 
                           Veterans' Affairs

_______________________________________________________________________

                                 A BILL


 
To provide a temporary increase in the maximum loan guaranty amount for 
 certain housing loans guaranteed by the Secretary of Veterans Affairs.

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

SECTION 1. TEMPORARY INCREASE IN MAXIMUM LOAN GUARANTY AMOUNT FOR 
              CERTAIN HOUSING LOANS GUARANTEED BY THE SECRETARY OF 
              VETERANS AFFAIRS.

    Notwithstanding subparagraph (C) of section 3703(a)(1) of title 38, 
United States Code, for purposes of any loan described in subparagraph 
(A)(i)(IV) of such section that is originated during the period 
beginning on the date of the enactment of this Act and ending on 
December 31, 2011, the term ``maximum guaranty amount'' shall mean an 
amount equal to 25 percent of the higher of--
            (1) the limitation determined under section 305(a)(2) of 
        the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
        1454(a)(2)) for the calendar year in which the loan is 
        originated for a single-family residence; or
            (2) 125 percent of the area median price for a single-
        family residence, but in no case to exceed 175 percent of the 
        limitation determined under such section 305(a)(2) for the 
        calendar year in which the loan is originated for a single-
        family residence.
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