What is the proposed bill that will increase the Fannie Mae and Freddie Mac cap above $417k?
What other info is available on this change?
Filed under: Freddie Mac Questions
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S.2036
A bill to temporarily raise conforming loan limits in high cost areas and portfolio caps applicable to Freddie Mac and Fannie Mae, to provide the nexessary financing to curb foreclosures by facilitating the refinancing of at-risk subprime borrowers into safe, prime loans, to preserve liquidity in the mortgage lending markets, and for other purposes.
Introduced on Sept 10th By Senator Schumer (D-NY)
California politicians are also getting involved drafting such as the following:
The FHA limit increase to $500,000 could be matched by an increase in the conforming loan limit for Fannie and Freddie (now at $417,000). Frank is also urging anew for Senate action on legislation reforming federal oversight of GSEs.