I 112th CONGRESS 1st Session H. R. 3084 IN THE HOUSE OF REPRESENTATIVES October 3, 2011 Mr. Quigley (for himself and Mr. Dold) introduced the following bill; which was referred to the Committee on Financial Services A BILL To authorize the Director of the Federal Housing Finance Agency to temporarily increase the conforming loan limits for Fannie Mae and Freddie Mac that are applicable to high-cost sub-areas within counties.

1.

Short title

This Act may be cited as the Mortgage Credit Availability Act of 2011.

2.

Authority for temporary conforming loan limit increase for high-cost sub-areas

(a)

FHFA determination of high-Cost sub-Areas

For each of 2012, 2013, and 2014, the Director of the Federal Housing Finance Agency shall determine, for each county that has a population exceeding 1,000,000 individuals, as determined based on information from the most recent decennial census conducted by the Bureau of the Census of the Department of Commerce, whether a significant share of the population of such county resides, as of the commencement of such year, in sub-areas of the county for which the median price for a 1-, 2-, 3-, or 4-family residence is more than three times the national median price for such size residence. (b)

Authority To increase loan limits for certain sub-Areas

With respect to any county for which the Director makes the determination under subsection (a) for a year specified in such subsection, the Director shall strongly consider increasing and, subject to subsection (c) of this section, may increase, with respect to mortgages originated during such year, the limitation on the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation that is otherwise in effect (under section 302(b)(2) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1717(b)(2)) and section 305(a)(2) the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1754(a)(2)), respectively, or any other applicable provision of law) for any size or sizes of residences for a contiguous, reasonably compact set of sub-areas within such county for which the median price for such size or sizes of residences exceeds three times the national median price for such size or sizes of residences; except that if such county is located within a Metropolitan Statistical Area, any such increase in such limitation on the maximum original principal obligation of a mortgage that may be so purchased shall apply to the entire Metropolitan Statistical Area. (c)

General limitation on loan limits

In no case may the limitation on the maximum original principal obligation of a mortgage for any size residence that may be purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation for a Metropolitan Statistical Area, county, or a sub-area of a county, as determined under this section, exceed the maximum dollar amount limitation for such size residence applicable to such Area, county, or sub-area pursuant to section 302(b)(2) of the Federal National Mortgage Association Charter Act or section 305(a)(2) the Federal Home Loan Mortgage Corporation Act or any other applicable provision of law.