I 112th CONGRESS 1st Session H. R. 2508 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.

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.

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.