To expand homeownership opportunities in States having high housing costs.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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