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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3084 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3084

  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.

_______________________________________________________________________

                    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.

    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 ``Mortgage Credit Availability Act of 
2011''.

SEC. 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.
                                 <all>
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