Apologies to Paul Simon, but when I looked at the long list of design ideas I compiled while at the International Builders’ Show in Orlando, I thought I’d try to mention 50 of them—a nice round num
Congress votes to raise FHA-backed mortgage
The U.S. housing industry scored a victory after the House and Senate voted to raise the size of mortgages backed by the Federal Housing Administration to $729,750.
senate, government, fha, housing market
The U.S. housing industry scored a victory after the House and Senate voted to raise the size of mortgages backed by the Federal Housing Administration (FHA) to $729,750, Bloomberg reported.
Republicans were split between retaining the lower limit of $625,500 or supporting a higher limit; lawmakers who backed higher limits said that withdrawing federal support could keep the housing market bearish.
The final compromise, which dropped a similar increase to loans backed by mortgage firms Fannie Mae and Freddie Mac, represents a mixed victory for the housing industry.
While the increase to $729,750 is expected to spur some additional home buying, it’s not clear by how much. FHA loans make up a smaller share of the market than those purchased by Fannie Mae and Freddie Mac.
To read more, click here.
More like this
- D.C. housing market pinched by Fannie and Freddie
- Obama’s mortgage-market reform plan calls for winding down Fannie Mae, Freddie Mac
- Conforming Loan Limit Raise Could Increase the Pool of Mortgage Borrowers
- Number Crunch: Special Bailout Edition
- House votes down payroll tax extension; no additional Fannie & Freddie fees for now