|
It seems like that it\'s possible that the congress would allow GSEs(Fannie Mae and Freddie Mac) to temporarily increase the conforming loan limit so taht it will provide a \'short term lift of the current Jumbo Loan Market.
But it\'s unlikely that the conforming loan limit will be increased in the near future.
(In California)On Sep 20th, Gov. Arnold Schwarzenegger wrote a letter to Congressional leaders asking for a state exception to the GSE conforming loan limit ($417,000):
“The current GSE conforming loan limit for lenders willing to originate conforming mortgage loans for median-priced homes in California is $417,000; however, according to the California Association of Realtors, the median price of a single family residence in July was $586,030. Again, this disparity makes these products practically irrelevant in California,” Gov. Schwarzenegger writes in the letter to Congress.
|
|
|