Nov 18, 2011
VICTORY! Congress restores higher loan limits
18 Nov 2011
Posted by Andrew Kantor
Update: President Obama has signed this into law.
Thanks to everyone who contacted their senators and representatives and who gave to RPAC. It made a difference — a big one.
The House of Representatives voted 292-121 and the Senate voted 70-30 to restore the higher conforming loan limits mortgages backed by the FHA, Fannie, and Freddie.
This is a major victory. It’s a perfect showcase for what Realtors can do when they work together, and it shows why we’re always asking you to invest in RPAC: Those dollars helped make us friends on Capitol Hill, opened doors for us, and gave us a louder voice in the discussion.
And it worked; President Obama who is expected to sign the bill today.
When those loan limits were dropped on October 1, it meant that thousands of people would have a much tougher time getting mortgages. But while some people implied these limits only affected the rich, in reality — as we pointed out many times — they affect middle-income folks as well.