I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Mortgage Credit Avail5 ability Act of 2011’’. 

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1 SEC. 2. AUTHORITY FOR TEMPORARY CONFORMING LOAN 

2 LIMIT INCREASE FOR HIGH-COST SUB-AREAS. 

3 (a) FHFA DETERMINATION OF HIGH-COST SUB4 AREAS.—For each of 2012, 2013, and 2014, the Director 

5 of the Federal Housing Finance Agency shall determine, 

6 for each county that has a population exceeding 1,000,000 

7 individuals, as determined based on information from the 

8 most recent decennial census conducted by the Bureau of 

9 the Census of the Department of Commerce, whether a 

10 significant share of the population of such county resides, 

11 as of the commencement of such year, in sub-areas of the 

12 county for which the median price for a 1-, 2-, 3-, or 4- 

13 family residence is more than three times the national me14 dian price for such size residence. 

15 (b) AUTHORITY TO INCREASE LOAN LIMITS FOR

16 CERTAIN SUB-AREAS.—With respect to any county for 

17 which the Director makes the determination under sub18 section (a) for a year specified in such subsection, the Di19 rector shall strongly consider increasing and, subject to 

20 subsection (c) of this section, may increase, with respect 

21 to mortgages originated during such year, the limitation 

22 on the maximum original principal obligation of a mort23 gage that may be purchased by the Federal National 

24 Mortgage Association and the Federal Home Loan Mort25 gage Corporation that is otherwise in effect (under section 

26 302(b)(2) of the Federal National Mortgage Association 

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1 Charter Act (12 U.S.C. 1717(b)(2)) and section 305(a)(2) 

2 the Federal Home Loan Mortgage Corporation Act (12 

3 U.S.C. 1754(a)(2)), respectively, or any other applicable 

4 provision of law) for any size or sizes of residences for 

5 a contiguous, reasonably compact set of sub-areas within 

6 such county for which the median price for such size or 

7 sizes of residences exceeds three times the national median 

8 price for such size or sizes of residences; except that if 

9 such county is located within a Metropolitan Statistical 

10 Area, any such increase in such limitation on the max11 imum original principal obligation of a mortgage that may 

12 be so purchased shall apply to the entire Metropolitan Sta13 tistical Area. 

14 (c) GENERAL LIMITATION ON LOAN LIMITS.—In no 

15 case may the limitation on the maximum original principal 

16 obligation of a mortgage for any size residence that may 

17 be purchased by the Federal National Mortgage Associa18 tion or the Federal Home Loan Mortgage Corporation for 

19 a Metropolitan Statistical Area, county, or a sub-area of 

20 a county, as determined under this section, exceed the 

21 maximum dollar amount limitation for such size residence 

22 applicable to such Area, county, or sub-area pursuant to 

23 section 302(b)(2) of the Federal National Mortgage Asso24 ciation Charter Act or section 305(a)(2) the Federal 

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1 Home Loan Mortgage Corporation Act or any other appli2 cable provision of law. 

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