S.1508 - Homeownership Affordability Act of 2011112th Congress (2011-2012)
|Sponsor:||Sen. Menendez, Robert [D-NJ] (Introduced 08/02/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||08/02/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
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Subject — Policy Area:
- Housing and Community Development
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Summary: S.1508 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (08/02/2011)
Homeownership Affordability Act of 2011 - Extends through December 31, 2013, specified loan limits for the Federal Housing Administration (FHA), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises), and the Department of Veterans Affairs.
Directs the Federal Housing Finance Agency to increase mortgage guarantee fees charged by Fannie Mae and Freddie Mac for mortgage loans of between $625,500 and $729,750 originated between October 1, 2011 and December 31, 2013, in an amount necessary to increase by $336 million the revenue raised from such fees.