HR 3507 · 108th Congress · Housing and Community Development

Improving Homeownership Opportunities in High-Cost States Act

Introduced 2003-11-18· Sponsored by Rep. Sherman, Brad [D-CA-27]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.(2004-01-02)

Plain Language Summary

[AI summary unavailable — showing source text] 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.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (20)

20 Democrats
Rep. Israel, Steve [D-NY-2]NY
Rep. Crowley, Joseph [D-NY-7]NY
Rep. McCarthy, Carolyn [D-NY-4]NY
Rep. Weiner, Anthony D. [D-NY-9]NY
Rep. Lynch, Stephen F. [D-MA-9]MA
Rep. Miller, George [D-CA-7]CA
Rep. Farr, Sam [D-CA-17]CA
Rep. Millender-McDonald, Juanita [D-CA-37]CA
Rep. Woolsey, Lynn C. [D-CA-6]CA
Rep. Capps, Lois [D-CA-23]CA
Rep. Davis, Susan A. [D-CA-53]CA
Rep. Lofgren, Zoe [D-CA-16]CA
Rep. Pelosi, Nancy [D-CA-8]CA
Rep. Matsui, Robert T. [D-CA-5]CA
Rep. Schiff, Adam B. [D-CA-29]CA
Rep. Lee, Barbara [D-CA-9]CA
Rep. Berman, Howard L. [D-CA-28]CA
Rep. Honda, Michael M. [D-CA-15]CA
Rep. Lantos, Tom [D-CA-12]CA
Rep. Harman, Jane [D-CA-36]CA