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News Now

Washington
Fannie Freddie loan limits get temporary extension
WASHINGTON (10/1/10)—Both chambers of the U.S. Congress voted late Wednesday in favor of a bill that would temporarily extend higher loan limits for loans backed by the Federal Housing Administration, Freddie Mac, and Fannie Mae. In effect, the votes extend increased loan limits through Sept. 30, 2011. The current maximum loan limits of $729,750 in high-cost regions would revert back to $625,000 at the end of this year without the extender. The provision was included in a broad continuing resolution that would fund the government through Dec. 3. It has been widely reported that lawmakers want to have time to campaign before a contentious and perhaps pivotal November election and intend to turn their attention back to the federal budget after the elections.


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