II
110th CONGRESS
2d Session
S. 2768
IN THE SENATE OF THE UNITED STATES
March 13, 2008
Mr. Akaka (for himself, Mr. Reid, Mr. Durbin, Mr. Burr, Mr. Rockefeller, Mrs. Murray, Mr. Obama, Mr. Sanders, Mr. Brown, Mr. Baucus, Mrs. Clinton, Mr. Kerry, and Mrs. Boxer) introduced the following bill; which was read twice and referred to the Committee on Veterans' Affairs
A BILL
To provide a temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs.
Temporary increase in maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs
Notwithstanding subparagraph (C) of section 3703(a)(1) of title 38, United States Code, for purposes of any loan described in subparagraph (A)(i)(IV) of such section that is originated during the period beginning on the date of the enactment of this Act and ending on December 31, 2011, the term maximum guaranty amount shall mean an amount equal to 25 percent of the higher of—
the limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for the calendar year in which the loan is originated for a single-family residence; or
125 percent of the area median price for a single-family residence, but in no case to exceed 175 percent of the limitation determined under such section 305(a)(2) for the calendar year in which the loan is originated for a single-family residence.