for such size residence, to the lesser of 150 percent of 
such foregoing limitation for such size residence or the 
amount that is equal to the median price in such 
area for such size residence, except that, subject to the 
order, if any, issued by the Director of the Federal 
Housing 
Finance 
Agency 
pursuant 
to 
section 
133(d)(3) of the Federal Housing Finance Reform Act 
of 2007, such increase shall apply only with respect 
to mortgages on which are based securities issued and 
sold by the Corporation.’’. 
(c) HOUSING PRICE INDEX.—Subpart A of part 2 of 
subtitle A of title XIII of the Housing and Community De-
velopment Act of 1992 (as amended by the preceding provi-
sions of this Act) is amended by inserting after section 1321 
(as added by section 132 of this Act) the following new sec-
tion: 
‘‘SEC. 1322. HOUSING PRICE INDEX. 
‘‘(a) IN GENERAL.—The Director shall establish and 
maintain a method of assessing the national average 1-fam-
ily house price for use for adjusting the conforming loan 
limitations of the enterprises. In establishing such method, 
the Director shall take into consideration the monthly sur-
vey of all major lenders conducted by the Federal Housing 
Finance Agency to determine the national average 1-family 
house price, the House Price Index maintained by the Office 
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of Federal Housing Enterprise Oversight of the Department 
of Housing and Urban Development before the effective date 
under section 185 of the Federal Housing Finance Reform 
Act of 2007, any appropriate house price indexes of the Bu-
reau of the Census of the Department of Commerce, and 
any other indexes or measures that the Director considers 
appropriate. 
‘‘(b) GAO AUDIT.— 
‘‘(1) IN
GENERAL.—At such times as are re-
quired under paragraph (2), the Comptroller General 
of the United States shall conduct an audit of the 
methodology established by the Director under sub-
section (a) to determine whether the methodology es-
tablished is an accurate and appropriate means of 
measuring changes to the national average 1-family 
house price. 
‘‘(2) TIMING.—An audit referred to in para-
graph (1) shall be conducted and completed not later 
than the expiration of the 180-day period that begins 
upon each of the following dates: 
‘‘(A) ESTABLISHMENT.—The date upon 
which such methodology is initially established 
under subsection (a) in final form by the Direc-
tor. 
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‘‘(B) MODIFICATION
OR
AMENDMENT.— 
Each date upon which any modification or 
amendment to such methodology is adopted in 
final form by the Director. 
‘‘(3) REPORT.—Within 30 days of the comple-
tion of any audit conducted under this subsection, the 
Comptroller General shall submit a report detailing 
the results and conclusions of the audit to the Direc-
tor, the Committee on Financial Services of the House 
of Representatives, and the Committee on Banking, 
Housing, and Urban Affairs of the Senate.’’. 
(d) CONDITIONS ON CONFORMING LOAN LIMIT FOR 
HIGH-COST AREAS.— 
(1) STUDY.—The Director of the Federal Hous-
ing Finance Agency shall conduct a study under this 
subsection during the six-month period beginning on 
the effective date under section 185 of this Act. 
(2) ISSUES.—The study under this subsection 
shall determine— 
(A) the effect that restricting the conforming 
loan limits for high-cost areas only to mortgages 
on which are based securities issued and sold by 
the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation 
(as provided in the last sentence of section 
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302(b)(2) of the Federal National Mortgage Asso-
ciation Charter Act and the last sentence of sec-
tion 305(a)(2) of the Federal Home Loan Mort-
gage Corporation Act, pursuant to the amend-
ments made by subsections (a)(2) and (b)(2) of 
this section) would have on the cost to borrowers 
for mortgages on housing in such high-cost areas; 
(B) the effects that such restrictions would 
have on the availability of mortgages for housing 
in such high-cost areas; and 
(C) the extent to which the Federal National 
Mortgage Association and the Federal Home 
Loan Mortgage Corporation will be able to issue 
and sell securities based on mortgages for hous-
ing located in such high-cost areas. 
(3) DETERMINATION.— 
(A) IN GENERAL.—Not later than the expi-
ration of the six-month period specified in para-
graph (1), the Director of the Federal Housing 
Finance Agency shall make a determination, 
based on the results of the study under this sub-
section, of whether the restriction of conforming 
loan limits for high-cost areas only to mortgages 
on which are based securities issued and sold by 
the Federal National Mortgage Association and 
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