H.R.5958 - Homeowner Opportunity Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. McNerney, Jerry [D-CA-11] (Introduced 05/05/2008)|
|Committees:||House - Financial Services|
|Latest Action:||05/05/2008 Referred to the House Committee on Financial Services. (All Actions)|
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Subject — Policy Area:
- Housing and Community Development
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Summary: H.R.5958 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in House (05/05/2008)
Homeowner Opportunity Act of 2008 - Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the National Housing Act to make permanent certain increases in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Expresses the sense of the Congress to encourage Fannie Mae and Freddie Mac to securitize mortgages acquired under the increased conforming loan limits to the extent that such securitizations do 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.
Amends the National Housing Act to: (1) increase the mortgage loan limit for mortgage insurance in high-cost areas; and (2) direct the Secretary of Housing and Urban Development to publish the median house prices and mortgage principal obligation limits for all areas each year.