MBA, NAR and NAHB Send Letter to Congressional Leadership Calling for Extension of Existing GSE and FHA Loan Limits

October 27, 2009

by MBA

October 26, 2009 - (RealEstateRama) — On Monday, October 26, 2009 the Mortgage Bankers Association (MBA), along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to House Speaker Pelosi, House Minority Leader Boehner, Senate Majority Leader Reid and Senate Minority Leader McConnell calling for an extension of the current loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA). The current limits are slated to expire after December 31, 2009.

The letter explains that the market and consumers are already feeling the impact of the impending expiration of the existing limits. Therefore, the letter calls on Congress to act quickly in order to limit the uncertainty that is causing lenders to limit rate locks and refuse to underwrite some loans at current interest rates.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: http://www.mortgagebankers.org/

Tagged as: FHA, Freddie Mac, NAHB, NAR

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