Stabilizing FHA Loan Limit Calculations Act of 2014
Latest action · Mar 12, 2014 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 12, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stabilizing FHA Loan Limit Calculations Act of 2014 - Amends the National Housing Act, with respect to the mortgage insurance eligibility of a 1-family or a 2-, 3-, or 4-family residence, to revise the formula for determining the median house price in the larger formula for determining the principal obligation of a mortgage.
Declares that, for 2014 and each succeeding year, the median house price for any size residence for an area shall be considered to be the greatest median house price for such size residence for that area used by the Secretary of Housing and Urban Development (HUD) to determine the dollar amount limitation on the principal obligation for 2013, or for any succeeding year before the assignment of the Federal Housing Administration (FHA) case number for the mortgage involved.
Allows the Secretary, however, to increase the maximum dollar limitation on the principal obligation of an eligible mortgage otherwise in effect for a particular size or sizes of residence in any geographic area smaller than an area for which dollar amount limitations are ordinarily determined, if a higher maximum dollar amount limitation is warranted by higher median home prices in that smaller area.
Cosponsors 24
Members who signed on, in the order they did. Signatures ran from Mar 12, 2014 to Nov 12, 2014, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Brad Sherman | Original | Mar 12, 2014 |
| D-NY | Carolyn B. Maloney | Original | Mar 12, 2014 |
| D-CA | Jerry McNerney | Original | Mar 12, 2014 |
| R-CA | Ken Calvert | Original | Mar 12, 2014 |
| R-NY | Peter T. King | Original | Mar 12, 2014 |
| D-CA | Eric Swalwell | Mar 24, 2014 | |
| D-CA | Gloria Negrete McLeod | Mar 24, 2014 | |
| D-CA | Maxine Waters | Mar 24, 2014 | |
| D-CA | Mike Thompson | Mar 24, 2014 | |
| D-CA | Ami Bera | Mar 25, 2014 | |
| R-CA | David G. Valadao | Mar 25, 2014 | |
| D-CA | Julia Brownley | Mar 25, 2014 | |
| D-CA | Michael M. Honda | Mar 25, 2014 | |
| D-CA | Jared Huffman | Apr 1, 2014 | |
| D-CA | Karen Bass | Apr 28, 2014 |
Actions 2
Everything that happened, newest first.
- Mar 12, 2014Introduced in House
- Mar 12, 2014Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Housing and Community Development.
Text 1
Each version as it was printed, newest first.
- Mar 12, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
