[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1508 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1508

       To extend loan limits for programs of the Federal Housing 
     Administration, the government-sponsored enterprises, and the 
        Department of Veterans Affairs, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 2, 2011

Mr. Menendez (for himself, Mr. Isakson, and Mrs. Feinstein) introduced 
the following bill; which was read twice and referred to the Committee 
                 on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
       To extend loan limits for programs of the Federal Housing 
     Administration, the government-sponsored enterprises, and the 
        Department of Veterans Affairs, 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. SHORT TITLE.

    This Act may be cited as the ``Homeownership Affordability Act of 
2011''.

SEC. 2. FEDERAL HOUSING ADMINISTRATION LOAN LIMIT EXTENSION.

    (a) In General.--Notwithstanding any other provision of law, for 
mortgages for which a Federal Housing Administration case number has 
been assigned during the period beginning on the date of enactment of 
this Act and ending on December 31, 2013, the dollar amount limitation 
on the principal obligation for purposes of section 203 of the National 
Housing Act (12 U.S.C. 1709) shall be considered to be, except for 
purposes of section 255(g) of such Act (12 U.S.C. 1715z-20(g)), the 
greater of--
            (1) 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)); or
            (2) the dollar amount limitation that was prescribed 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).

SEC. 3. FANNIE MAE AND FREDDIE MAC LOAN LIMIT EXTENSION.

    (a) In General.--Notwithstanding any other provision of law, for 
mortgage loans originated during the period beginning on the date of 
enactment of this Act and ending on December 31, 2013, 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 shall be the greater of--
            (1) the limitation in effect at the time of the purchase of 
        the mortgage loan, as determined pursuant to 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. 1454(a)(2)), 
        respectively; or
            (2) the limitation that was prescribed for loans originated 
        during the period beginning on July 1, 2007 and ending on 
        December 31, 2008, pursuant to section 201 of the Economic 
        Stimulus Act of 2008 (Public Law 110-185, 122 Stat. 619).
    (b) Fee Increases.--Notwithstanding any other provision of law, the 
Federal Housing Finance Agency shall, by rule or order, increase 
mortgage guarantee fees charged by the Federal National Mortgage 
Association and the Federal Home Loan Mortgage Corporation for mortgage 
loans of not less than $625,500 or more than $729,750 originated during 
the period beginning on October 1, 2011, and ending on December 31, 
2013, in an amount necessary to increase by $336,000,000 the revenue 
raised from such fees.

SEC. 4. DEPARTMENT OF VETERANS AFFAIRS LOAN LIMIT EXTENSION.

    Section 501 of the Veterans' Benefits Improvement Act of 2008 
(Public Law 110-389; 122 Stat. 4175; 38 U.S.C. 3703 note) is amended, 
in the matter before paragraph (1), by striking ``December 31, 2011'' 
and inserting ``December 31, 2013''.
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