To increase the loan limits for the FHA single family housing mortgage insurance programs and reverse mortgage program and for the conforming loan limits for Fannie Mae and Freddie Mac during 2009.

Bill 111 hr 587, also known as the FHA and Conforming Loan Limit Increase Act of 2009, aims to raise the loan limits for the Federal Housing Administration (FHA) single family housing mortgage insurance programs and reverse mortgage program. Additionally, the bill seeks to increase the conforming loan limits for government-sponsored enterprises Fannie Mae and Freddie Mac.

The purpose of this legislation is to provide more affordable housing options for American families by allowing them to access larger loans for purchasing homes. By increasing the loan limits, more individuals will be able to qualify for FHA-insured mortgages and reverse mortgages, as well as conventional loans backed by Fannie Mae and Freddie Mac.

The bill is intended to stimulate the housing market and promote homeownership by making it easier for individuals to secure financing for their home purchases. This increase in loan limits is seen as a way to help stabilize the housing market during the economic downturn of 2009. Overall, Bill 111 hr 587 is aimed at providing greater access to affordable housing options for American families by raising the loan limits for FHA and conforming loans. It is hoped that this legislation will help boost the housing market and support economic recovery efforts.