HR 3507
108th Congress
House
Housing and Community Development
Affordable housing
Finance and Financial Sector
Home ownership
Housing finance
Metropolitan areas
Mortgages
Secondary mortgage market
Single family housing
Urban affairs
Improving Homeownership Opportunities in High-Cost States Act
Introduced: November 18, 2003
Introduced by:
Sherman, Brad
Democratic
· California
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 2, 2004
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Nov 18, 2003
Introduced in House
Nov 18, 2003
Referred to the House Committee on Financial Services.
Plain-English summary
Improving Homeownership Opportunities in High-Cost States Act - Amends the Federal National Mortgage Association Charter Act (Fannie Mae) and the Federal Home Loan Mortgage Corporation Act (Freddie Mac) to include among the exceptions to the prohibition that an outstanding mortgage cannot exceed 80 percent of the securing property's value for a residential mortgage those properties located in a State containing any high-cost metropolitan statistical area (or portion thereof).
Bases such high-cost determination on specified quarterly average one-family home prices.
What's happening now
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
Committees of jurisdiction
2