To extend loan limits for programs of the government-sponsored enterprises, the Federal Housing Administration, and the Veterans Affairs Administration, and for other purposes.

SA 857. Mr. MENENDEZ (for himself, Mr. Isakson, and Mrs. Feinstein)
submitted an amendment intended to be proposed by him to the bill H.R.
2112, making appropriations for Agriculture, Rural Development, Food
and Drug Administration, and Related Agencies programs for the fiscal
year ending September 30, 2012, and for other purposes; which was
ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. _. HOUSING LOAN LIMIT EXTENSIONS.

(a) Federal Housing Administration.--Notwithstanding any
other provision of law, for mortgages for which a Federal
Housing Administration case number has been assigned during
the period beginning on the date of enactment of this Act and
ending on December 31, 2013, the dollar amount limitation on
the principal obligation for purposes of section 203 of the
National Housing Act (12 U.S.C. 1709) shall be considered to
be, except for purposes of section 255(g) of such Act (12
U.S.C. 1715z-20(g)), the greater of--
(1) 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)); or
(2) the dollar amount limitation that was prescribed 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).
(b) Fannie Mae and Freddie Mac Loan Limit Extension.--
(1) In general.--Notwithstanding any other provision of
law, for mortgage loans originated during the period
beginning on the date of enactment of this Act and ending on
December 31, 2013, the limitation on the maximum original
principal obligation of a mortgage that may be purchased by
the Federal National Mortgage Association or the Federal Home
Loan Mortgage Corporation shall be the greater of--
(A) the limitation in effect at the time of the purchase of
the mortgage loan, as determined pursuant to 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.
1454(a)(2)), respectively; or
(B) the limitation that was prescribed for loans originated
during the period beginning on July 1, 2007 and ending on
December 31, 2008, pursuant to section 201 of the Economic
Stimulus Act of 2008 (Public Law 110-185, 122 Stat. 619).
(2) Premium loan fee.--
(A) In general.--Notwithstanding any other provision of
law, the Federal Housing Finance Agency shall, by rule or
order, impose a premium loan fee to be charged by the Federal
National Mortgage Association and the Federal Home Loan
Mortgage Corporation with respect to mortgage loans made
eligible for purchase by the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation by
a higher limitation provided under paragraph (1)(B), annually
during the life of the loan, of 15 basis points of the unpaid
principal balance of the mortgage, to achieve an estimated
$300,000,000 from the revenue raised from such fees.
(B) Premium loan fee structure.--The premium loan fee is
independent of any guarantee fees, upfront or ongoing,
charged to the borrower, and the premium loan fee shall not
be affected by changes in guarantee fees.
(3) Use of fees.--
(A) In general.--The fees imposed under paragraph (2) by
the Federal Housing Finance Agency shall be deposited in the
fund established under subparagraph (C), and shall be used to
pay for costs associated with maintaining loan limits
established under this section.
(B) Subject to appropriations.--Amounts in the fund
established under subparagraph

[[Page S6690]]

(C) shall be available only to the extent provided in a
subsequent appropriations Act.
(C) Fund.--There is established in the United States
Treasury a fund, for the deposit of fees imposed under
paragraph (2), to be used to pay for costs associated with
maintaining loan limits established under this section.
(4) FHFA report on fees.--The Federal Housing Finance
Agency shall include in each annual report required by
section 1601 of the Housing and Economic Recovery Act of 2008
related to the period described in paragraph (2)(B) a section
that provides the basis for and an analysis of the premium
loan fee charged in each year covered by the report.
(c) Department of Veterans Affairs Loan Limit Extension.--
Section 501 of the Veterans' Benefits Improvement Act of 2008
(Public Law 110-389; 122 Stat. 4175; 38 U.S.C. 3703 note) is
amended, in the matter before paragraph (1), by striking
``December 31, 2011'' and inserting ``December 31, 2013''.

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