Mortgage bankers praised Congress for extending higher loan limits that were set to expire.
The U.S. House and the U.S. Senate yesterday passed legislation yesterday that will extend higher loan limits on conforming and government-insured loans, the Mortgage Bankers Association announced.
The higher limits had been set to expire on Dec. 31.
The provision for the extension “was included in the continuing resolution, H.R. 2996, that passed the House and Senate,” yesterday’s statement said.
Obama administration officials yesterday called on Congress to extend the limits and extend a homebuyer credit that is also set to expire.
MBA Chairman Robert E. Story Jr. applauded the legislation, noting that it will contribute to restoration of the mortgage market.
“Given the lack of a private secondary mortgage market — FHA, Fannie Mae and Freddie Mac are pretty much the only game in town,” Story stated. “Extending the current loan limits through 2010 will allow more loans to qualify for these important programs.”
