Page:United States Statutes at Large Volume 122.djvu/2853

 12 2 STA T . 2 830PUBLIC LA W 110 – 28 9—J UL Y 30, 2008 SEC.1605 .SE N SE OFTH E SEN A TE. Itis t he se n se of the S en a tethatini mpl ementin g o rc arr y ing o u t any pro v ision of this A ct , or any amen d ment made b y this Act, the Senate supports a policy of noninterference regarding local government re q uirements that the holder of a foreclosed property maintain that property .DIV I S I ONB—F O RECL OS U RE P REVEN T ION SEC. 2 001. SHO R TT I T L E. T his division may be cited as the ‘ ‘ F oreclosure P revention Act of 20 0 8’ ’. SEC. 2002. E M ER G ENC YD ESIGNATION. For purposes of Senate enforcement, all provisions of this divi - sion are designated as emergency requirements and necessary to meet emergency needs pursuant to section 20 4 of S. C on. R es. 2 1( 110th Congress ) , the concurrent resolution on the budget for fiscal year 2008. TITLE I—F HAM ODERNI Z ATION ACT OF 20 0 8 SEC. 2101. SHORT TITLE. This title may be cited as the ‘‘F H A M oderni z ation Act of 2008’’. S ubti t le A—Buil d i ng A m e r i ca n H o meo w ner sh i p SEC. 2111. SHORT TITLE. This subtitle may be cited as the ‘‘ B uilding American Homeo w nership Act of 2008’’. SEC. 2112. MA X IM U M P RINCIPAL LOAN O B LIGATION. (a) I NGE NE RAL . — Paragraph (2) of section 20 3 (b) of the N ational Housing Act (12 U .S.C. 1 7 0 9 (b)(2)) is amended— (1) by stri k ing subparagraphs (A) and (B) and inserting the following

‘‘(A) not to e x ceed the lesser of— ‘‘(i) in the case of a 1-family residence, 11 5 percent of the median 1-family house price in the area, as determined by the Secretary andinthecaseofa 2-, 3-, or 4-family residence, the percentage of such median price that bears the same ratio to such median price as the dollar amount limitation determined under the sixth sentence of section 305(a)(2) of the Federal Home L oan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a 2-, 3-, or 4-family residence, respec- tively, bears to the dollar amount limitation deter- mined under such section for a 1-family residence; or 12USC 1 70 1 note.Build in gAm e r i ca n H omeo w ner sh i p Act o f 200 8 . 12 USC 1701 note. F HA M oderni z ation Act of 2008. 12 USC 1701 note. Foreclosure P re v ention Act of 2008.

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