MBA Supports Loan-Limit Legislation

[link=][u]The Mortgage Bankers Association[/u][/link] (MBA) has voiced its support of newly passed congressional legislation to maintain the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through Dec. 31, 2010. An extension of the current loan limits (which had been due to expire Dec. 31) was included in the continuing resolution (H.R.2996) that passed the House and Senate.
‘Given the lack of a private secondary mortgage market, FHA, Fannie Mae and Freddie Mac are pretty much the only game in town, ‘ says Robert E. Story Jr., chairman of the MBA. ‘Extending the current loan limits through 2010 will allow more loans to qualify for these important programs and will help keep mortgage credit more accessible and affordable for qualified borrowers.’Â



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