H.R.3507 - Improving Homeownership Opportunities in High-Cost States Act108th Congress (2003-2004)
|Sponsor:||Rep. Sherman, Brad [D-CA-27] (Introduced 11/18/2003)|
|Committees:||House - Financial Services|
|Latest Action:||House - 01/02/2004 Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3507 — 108th Congress (2003-2004)All Information (Except Text)
Introduced in House (11/18/2003)
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.