Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Preserving Equal Access to Mortgage
Finance Programs Act''.

SEC. 2. PERMANENT CONFORMING LOAN LIMIT INCREASE FOR FREDDIE MAC AND
FANNIE MAE.

(a) Freddie Mac.--
(1) Increase.--Paragraph (2) of section 305(a) of the
Federal Home Loan Mortgage Corporation Act (12 U.S.C.
1454(a)(2)) is amended--
(A) by inserting ''(A)'' after ''(2)'';
(B) in the first sentence, by redesignating clauses
(A) through (C) as clauses (i) through (iii),
respectively;
(C) in the second sentence, by striking ''clause
(A)'' and inserting ''clause (i)''; and
(D) in the last sentence--
(i) by striking ''115 percent'' each place
such term appears and inserting ''125
percent''; and
(ii) by striking ''150 percent'' and
inserting ''175 percent''.
(2) Discretionary authority to limit decreases.--Paragraph
(2) of section 305(a) of the Federal Home Loan Mortgage
Corporation Act (12 U.S.C. 1454(a)(2)), as amended by paragraph
(1), is further amended by adding at the end the following new
subparagraph:
''(B) Notwithstanding the calculation of the limitation on the
maximum original principal obligation of a mortgage that may be
purchased by the Corporation for an area pursuant to the last sentence
of subparagraph (A), if any recalculation of the local median home
price for any area would otherwise result in a decrease in the maximum
original principal limitation for any size residence in any such area,
the Director of the Federal Housing Finance Agency may prevent or limit
a decrease in such limitation from taking place for any such area. In
taking such action, the Director shall consider such factors as market
dislocations caused by a decrease in such limitation, the extent of the
median home price decline, and the causes for such reduction in median
home price.''.
(b) Fannie Mae.--
(1) Increase.--Paragraph (2) of section 302(b) of the
Federal National Mortgage Association Charter Act (12 U.S.C.
1717(b)(2)) is amended--
(A) by inserting ''(A)'' after ''(2)'';
(B) in the second sentence, by redesignating
clauses (A) through (C) as clauses (i) through (iii),
respectively;
(C) in the third sentence, by striking ''clause
(A)'' and inserting ''clause (i)''; and
(D) in the last sentence--
(i) by striking ''115 percent'' each place
such term appears and inserting ''125
percent''; and
(ii) by striking ''150 percent'' and
inserting ''175 percent''.
(2) Discretionary authority to limit decreases.--Paragraph
(2) of section 302(b) of the Federal National Mortgage
Association Charter Act (12 U.S.C. 1717(b)(2)), as amended by
paragraph (1), is further amended by adding at the end the
following new subparagraph:
''(B) Notwithstanding the calculation of the limitation on the
maximum original principal obligation of a mortgage that may be
purchased by the corporation for an area pursuant to the last sentence
of subparagraph (A), if any recalculation of the local median home
price for any area would otherwise result in a decrease in the maximum
original principal limitation for any size residence in any such area,
the Director of the Federal Housing Finance Agency may prevent or limit
a decrease in such limitation from taking place for any such area. In
taking such action, the Director shall consider such factors as market
dislocations caused by a decrease in such limitation, the extent of the
median home price decline, and the causes for such reduction in median
home price.''.

SEC. 3. PERMANENT LOAN LIMIT INCREASE FOR FHA.

(a) Increase.--Subparagraph (A) of section 203(b)(2) of the
National Housing Act (12 U.S.C. 1709(b)(2)(A)) is amended--
(1) in clause (i) by striking ''115 percent'' and inserting
''125 percent''; and
(2) in clause (ii) by striking ''150 percent'' and
inserting ''175 percent''.
(b) Discretionary Authority To Limit Decreases.--Subparagraph (A)
of section 203(b)(2) of the National Housing Act (12 U.S.C.
1709(b)(2)(A)) is amended by inserting after ''; and'' at the end the
following: ''except that notwithstanding the calculation of the maximum
dollar amount limitation for any area pursuant to clause (i) of this
subparagraph, if any recalculation of the local median home price for
any area would otherwise result in a decrease in the maximum dollar
amount limitation for any size residence in any such area, the
Secretary, considering such factors as market dislocations caused by a
decrease in such dollar amount limitation, the extent of the median
home price decline, and the causes for such reduction in median home
price, may prevent or limit a decrease in such dollar amount limitation
from taking place for any such area; and''.

SEC. 4. EXISTING LOAN LIMITS.

This Act may not be construed to affect the loan limits for the
Federal Home Loan Mortgage Corporation or the Federal National Mortgage
Association in effect under section 146 of the Continuing
Appropriations Act, 2011 (Public Law 111-242; 124 Stat. 2615) or the
FHA mortgage amount limitations in effect under section 145 of such
Act.

SEC. 5. EFFECTIVE DATE.

The amendments made by this Act shall take effect on October 1,
2011.
Solution:
Preserving Equal Access to Mortgage Finance Programs Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation Association (Freddie Mac).

Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size.

Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to prevent or limit a decrease in the limitation on the maximum original principal obligation of a mortgage that may be purchased by the corporation for an area.

Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD).

Gives the Secretary discretion to prevent or limit a decrease in the maximum dollar amount limitation for any area from taking place for any such area.