S.Amdt. 111

SA 111. Mrs. MURRAY submitted an amendment intended to be proposed to
amendment SA 98 proposed by Mr. Inouye (for himself and Mr. Baucus) to
the bill H.R. 1, making supplemental appropriations for job
preservation and creation, infrastructure investment, energy efficiency
and science, assistance to the unemployed, and State and local fiscal
stabilization, for fiscal year ending September 30, 2009, and for other
purposes; which was ordered to lie on the table; as follows:

On page 431, between lines 8 and 9, insert the following:

SEC. 1607. FHA LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels.--For mortgages
for which the mortgagee issues credit approval for the
borrower during calendar year 2009, if 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)) for any size residence for any
area is less than such dollar amount limitation that was in
effect 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), notwithstanding any
other provision of law, the maximum dollar amount limitation
on the principal obligation of a mortgage for such size
residence for such area for purposes of such section
203(b)(2) shall be considered (except for purposes of section
255(g) of such Act (12 U.S.C. 1715z-20(g))) to be such dollar
amount limitation in effect for such size residence for such
area for 2008.
(b) Discretionary Authority for Sub-Areas.--Notwithstanding
any other provision of law, if the Secretary of Housing and
Urban Development determines, for any geographic area that is
smaller than an area for which dollar amount limitations on
the principal obligation of a mortgage are determined under
section 203(b)(2) of the National Housing Act, that a higher
such maximum dollar amount limitation is warranted for any
particular size or sizes of residences in such sub-area by
higher median home prices in such sub-area, the Secretary
may, for mortgages for which the mortgagee issues credit
approval for the borrower during calendar year 2009, increase
the maximum dollar amount limitation for such size or sizes
of residences for such sub-area that is otherwise in effect
(including pursuant to subsection (a) of this section), but
in no case to an amount that exceeds the amount specified in
section 202(a)(2) of the Economic Stimulus Act of 2008.

SEC. 1608. GSE CONFORMING LOAN LIMITS FOR 2009.

(a) Loan Limit Floor Based on 2008 Levels.--For mortgages
originated during calendar year 2009, if the limitation on
the maximum original principal obligation of a mortgage that
may purchased by the Federal National Mortgage Association or
the Federal Home Loan Mortgage Corporation determined under
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. 1754(a)(2)), respectively, for any size residence
for any area is less than such maximum original principal
obligation limitation that was in effect for such size
residence for such area for 2008 pursuant to section 201 of
the Economic Stimulus Act of 2008 (Public Law 110-185; 122
Stat. 619), notwithstanding any other provision of law, the
limitation on the maximum original principal obligation of a
mortgage for such Association and Corporation for such size
residence for such area shall be such maximum limitation in
effect for such size residence for such area for 2008.
(b) Discretionary Authority for Sub-Areas.--Notwithstanding
any other provision of law, if the Director of the Federal
Housing Finance Agency determines, for any geographic area
that is smaller than an area for which limitations on the
maximum original principal obligation of a mortgage are
determined for the Federal National Mortgage Association or
the Federal Home Loan Mortgage Corporation, that a higher
such maximum original principal obligation limitation is
warranted for any particular size or sizes of residences in
such sub-area by higher median home prices in such sub-area,
the Director may, for mortgages originated during 2009,
increase the maximum original principal obligation limitation
for such size or sizes of residences for such sub-area that
is otherwise in effect (including pursuant to subsection (a)
of this section) for such Association and Corporation, but in
no case to an amount that exceeds the amount specified in the
matter following the comma in section 201(a)(1)(B) of the
Economic Stimulus Act of 2008.

SEC. 1609. FHA REVERSE MORTGAGE LOAN LIMITS FOR 2009.

For mortgages for which the mortgagee issues credit
approval for the borrower during calendar year 2009, the
second sentence of section 255(g) of the National Housing Act
(12 U.S.C. 1715z-20(g)) shall be considered to require that
in no case may the benefits of insurance under such section
255 exceed 150 percent of the maximum dollar amount in effect
under the sixth sentence of section 305(a)(2) of the Federal
Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)).
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