Page:United States Statutes at Large Volume 122.djvu/643

 12 2 STA T .6 2 0PUBLIC LA W 110 – 1 85—FE B.1 3, 2008 obligat io n o f a m o r tgag e t h at ma y be pu r c ha s e d by the C orpora - tion shall be the higher of —(A) the limitation determined for 20 0 8 under such sec- tion 3 0 5 (a)(2) for a residence of the applicable si z e or ( B ) 1 25 percent of the area median price for a residence of the applicable size , butinnocasetoe x ceed 1 7 5 percent of the limitation determined for 2008 under such section 305(a)(2) for a residence of the applicable size . (b) DET E RMINA TI O NO FL IMIT S .— T he areas and area median prices used for purposes of the determinations under subsection (a) shall be the areas and area median prices used by the S ecretary of H ousing and U rban De v elopment in determining the applicable limits under section 202 of this title. (c) RUL E OF CONSTRU C TION.—A mortgage originated during the period referred to in subsection (a) that is eligible for purchase by the F ederal N ational M ortgage Association or the Federal Home Loan Mortgage Corporation pursuant to this section shall be eligible for such purchase for the duration of the term of the mortgage, not w ithstanding that such purchase occurs after the expiration of such period. (d) E FFECT ON HOUSIN GG OALS.—Notwithstanding any other provision of law, mortgages purchased in accordance with the increased maximum original principal obligation limitations deter- mined pursuant to this section shall not be considered in deter- mining performance with respect to any of the housing goals estab- lished under section 1332, 1333, or 133 4 of the Housing and Community Development Act of 1 9 92 (12 U.S.C. 45 6 2 – 4), and shall not be considered in determining compliance with such goals pursu- ant to section 1336 of such Act (12 U.S.C. 4566) and regulations, orders, or guidelines issued thereunder. (e) SENSE OF CONGRESS.— I t is the sense of the Congress that the securitization of mortgages by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation plays an important role in providing li q uidity to the United States housing mar k ets. Therefore, the Congress encourages the Federal National Mortgage Association and the Federal Home Loan Mortgage Cor- poration to securitize mortgages acquired under the increased con- forming loan limits established in this section, to the extent that such securitizations can be effected in a timely and efficient manner that does not impose additional costs for mortgages originated, purchased, or securitized under the existing limits or interfere with the goal of adding liquidity to the market. SEC.20 2. T E MPORA R YL OA N L I MIT INCREASE F ORF H A. (a) INCREASE OF HIG H -COST AREA LIMIT.—For mortgages for which the mortgagee has issued credit approval for the borrower on or before December 31, 2008, subparagraph (A) of section 203(b)(2) of the National Housing Act (12 U.S.C. 1709(b)(2)(A)) shall be considered (except for purposes of section 255(g) of such Act (12 U.S.C. 1715z–20(g))) to require that a mortgage shall involve a principal obligation in an amount that does not exceed the lesser of— (1) in the case of a 1-family residence, 125 percent of the median 1-family house price in the area, as determined by the Secretary; and in the case of a 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 Deadlin e .

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