H.R.587 - To increase the loan limits for the FHA single family housing mortgage insurance programs and reverse mortgage program and for the conforming loan limits for Fannie Mae and Freddie Mac during 2009.

view all titles (1)

All Bill Titles

  • Official: To increase the loan limits for the FHA single family housing mortgage insurance programs and reverse mortgage program and for the conforming loan limits for Fannie Mae and Freddie Mac during 2009. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 2
  • All-Time: 1,246
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/15/09
 
 
 
 
 
 
 

Official Summary

Increases the loan limits during calendar 2009 for: (1) the Federal Housing Administration (FHA) single family housing mortgage insurance programs and the reverse mortgage program; and (2) the conforming loan limits for Fannie Mae and Freddie Mac during 2009. Declares that, if the dollar am

Official Summary

Increases the loan limits during calendar 2009 for:
(1) the Federal Housing Administration (FHA) single family housing mortgage insurance programs and the reverse mortgage program; and
(2) the conforming loan limits for Fannie Mae and Freddie Mac during 2009. Declares that, if the dollar amount limitation on the principal obligation of a mortgage for which the mortgagee issues credit approval during 2009 for any size residence for any area is less than the dollar amount limitation in effect for 2008 under the Economic Stimulus Act of 2008, the maximum dollar amount limitation on the principal obligation of such a mortgage shall be considered to be the dollar amount limitation in effect for 2008. Declares that, if the conforming loan limitation on the maximum original principal obligation of a mortgage originated during 2009 that may purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) for any size residence for any area is less than the maximum original principal obligation limitation in effect for 2008 under the Economic Stimulus Act of 2008, the conforming loan limitation shall be the maximum in effect for 2008. Declares that, for a home equity conversion mortgage (reverse mortgage) for which the mortgagee issues credit approval during 2009, the maximum dollar amount limitation on mortgage insurance benefits shall be considered to require that in no case may such benefits exceed 150% of the limitation on the maximum original principal obligation in effect for conventional mortgages under the Federal Home Loan Mortgage Corporation Act.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC

Top-Rated Comments