[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 587 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 587

To increase the loan limits for the FHA single family housing mortgage 
insurance programs and reverse mortgage program and for the conforming 
        loan limits for Fannie Mae and Freddie Mac during 2009.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 15, 2009

 Mr. Gary G. Miller of California introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To increase the loan limits for the FHA single family housing mortgage 
insurance programs and reverse mortgage program and for the conforming 
        loan limits for Fannie Mae and Freddie Mac during 2009.

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

SECTION 1. FHA LOAN LIMITS FOR 2009.

    For mortgages for which the mortgagee issues credit approval for 
the borrower during calendar year 2009, if the dollar amount limitation 
on the principal obligation of a mortgage determined under section 
203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)) for any 
size residence for any area is less than such dollar amount 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, the maximum dollar amount limitation on the principal obligation 
of a mortgage for such size residence for such area for purposes of 
such section 203(b)(2) shall be considered (except for purposes of 
section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to be such dollar 
amount limitation in effect for such size residence for such area for 
2008.

SEC. 2. FANNIE MAE AND FREDDIE MAC CONFORMING LOAN LIMITS FOR 2009.

    For mortgages originated during calendar year 2009, if the 
limitation on the maximum original principal obligation of a mortgage 
that may 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, 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. 3. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009.

    For mortgages for which the mortgagee issues credit approval for 
the borrower during calendar year 2009, the second sentence of section 
255(g) of the National Housing Act (12 U.S.C. 1715-20(g)) shall be 
considered to require that in no case may the benefits of insurance 
under such section 255 exceed 150 percent of the maximum dollar amount 
in effect under the sixth sentence of section 305(a)(2) of the Federal 
Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)).
                                 <all>