Page:United States Statutes at Large Volume 123.djvu/2993

 123STA T . 2 97 3 PUBLIC LA W 111 –8 8 —O CT. 3 0, 2009 otherp ro vis io n o flaw or of this j oint resol u tion , the m a x imum d ollar amount limitation on the prin c ipal o b li g ation of a mortgage for such si z e residence for such area for purposes of such section 203( b ) (2) shall be considered (except for purposes of section 2 5 5(g) of such A ct( 1 2 U.S. C .1 7 15z - 20(g))) to be such dollar amount limita- tion in effect for such size residence for such area for 200 8 . ‘ ‘(b) DISCRET I ONA R Y A U T H ORITY F OR SU B -AREAS. —N otwith- standing an y other provision of law or of this joint resolution, if the Secretary of H ousing and Urban Development determines, for any geographic area that is smaller than an area for which dollar amount limitations on the principal obligation of a mortgage are determined under section 203(b)(2) of the National Housing Act, that a higher such maximum dollar amount limitation is war- ranted for any particular size or sizes of residences in such sub- area by higher median home prices in such sub-area, the Secretary may, for mortgages for which the mortgagee issues credit approval for the borrower during calendar year 2010, increase the maximum dollar amount limitation for such size or sizes of residences for such sub-area that is otherwise in effect (including pursuant to subsection (a) of this section), but in no case to an amount that exceeds the amount specified in section 202(a)(2) of the E conomic Stimulus Act of 2008. ‘‘SEC. 1 6 7. (a) L OAN LI M IT FL OOR B ASE D ON 2008 LE V ELS.— For mortgages originated during calendar year 2010, if the limita- tion on the maximum original principal obligation of a mortgage that may be purchased by the Federal National M ortgage Associa- tion or the Federal Home Loan Mortgage Corporation determined under section 302(b)(2) of the Federal National Mortgage Associa- tion 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.175 4 (a)(2)) respectively, for any size residence for any area is less than such maximum original principal obligation limitation that was in effect for such size residence for such area for 2008 pursuant to section 201 of the Economic Stimulus Act of 2008 ( P ublic Law 110 – 185 122 Stat. 61 9 ), notwithstanding any other provision of law or of this joint resolution, the limitation on the maximum original prin- cipal obligation of a mortgage for such Association and Corporation for such size residence for such area shall be such maximum limita- tion in effect for such size residence for such area for 2008. ‘‘(b) DISCRETIONARY AUTHORITY FOR SUB-AREAS.—Notwith- standing any other provision of law or of this joint resolution, if the Director of the Federal Housing Finance Agency determines, for any geographic area that is smaller than an area for which limitations on the maximum original principal obligation of a mort- gage are determined for the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, that a higher such maximum original principal obligation limitation is warranted for any particular size or sizes of residences in such sub-area by higher median home prices in such sub-area, the Director may, for mortgages originated during calendar year 2010, increase the maximum original principal obligation limitation for such size or sizes of residences for such sub-area that is otherwise in effect (including pursuant to subsection (a) of this section) for such Association and Corporation, but in no case to an amount that exceeds the amount specified in the matter following the comma in section 201(a)(l)(B) of the Economic Stimulus Act of 2008.