Loan Limit Activity
Sixty-six Members of the House of Representatives weighed in with FHFA Acting Director DeMarco urging him not to lower the Freddie Mac and Fannie Mae loan limits. FHFA has announced they intend to lower the loan limits to encourage private growth in the mortgage market. Representatives Miller (R-CA), Maloney (D-NY), and Sherman (D-CA) championed the House letter from 59 Democrats and 7 Republicans. 13 Senators, lead by Senator Menendez (D-NJ) and Isakson (R-GA) sent a similar letter several weeks ago.
Following up on NAR's letter to FHFA on September 19th, NAR President Gary Thomas met with DeMarco last week about this topic. Gary talked about the impact this would have on the market, and urged FHFA to avoid any changes until private investment is more robust.