Support for H.R. 1754, Preserving Equal Access to Mortgage Finance Programs Act
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Without Congressional action, the current conforming loan limits for the Federal Home Loan Mortgage Corporation (Freddie Mac), Federal National Mortgage Association (Fannie Mae), and the Federal Housing Authority (FHA) are set to expire on October 1, 2011.
Current loan limits are $729,750 and without Congressional action, the limit would fall to $625,500. According to calculations by the California Association of REALTORS this decrease would affect more than 30,000 California households who could face higher down payments, higher mortgage rates, and stricter loan qualifications.
As a result of Congressional inaction, Wells Fargo Bank, Bank of America, and others have released lower loan limits in advance of the October 1st deadline, putting a halt to any new transactions under the existing loan limit guidelines. This is a clear sign that Congress must act swiftly.
If Congress fails to act, this will devastate an already-crippled housing market in the United States, and would send the economy into further recession.
We urge the House of Representatives to act NOW and pass the bipartisan bill, H.R. 1754 the Preserving Equal Access to Mortgage Finance Programs Act, sponsored by California Congressman Gary Miller and co-sponsored by 18 members from both political parties.
Sincerely, The Undersigned
Current loan limits are $729,750 and without Congressional action, the limit would fall to $625,500. According to calculations by the California Association of REALTORS this decrease would affect more than 30,000 California households who could face higher down payments, higher mortgage rates, and stricter loan qualifications.
As a result of Congressional inaction, Wells Fargo Bank, Bank of America, and others have released lower loan limits in advance of the October 1st deadline, putting a halt to any new transactions under the existing loan limit guidelines. This is a clear sign that Congress must act swiftly.
If Congress fails to act, this will devastate an already-crippled housing market in the United States, and would send the economy into further recession.
We urge the House of Representatives to act NOW and pass the bipartisan bill, H.R. 1754 the Preserving Equal Access to Mortgage Finance Programs Act, sponsored by California Congressman Gary Miller and co-sponsored by 18 members from both political parties.
Sincerely, The Undersigned
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