VICTORY! Congress restores higher loan limits

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.

Click here for the Reuters story.

Or click here for Business Week’s.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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2 Responses to VICTORY! Congress restores higher loan limits

  1. Why this is happening? It will be so hard to get our mortgages approved.. Tough.. Tough..

  2. Those dollars assisted make us associates on Capitol Hill, opened doorways for us, and provided us a louder voice in the discussion.

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