NAR CALLS FOR MARKET STABLIZATION
The National Association of Realtors urged Congress to made the proposed FHA & conforming loan limit increases a permanent part of the 2008 Housing Stimulus bill.
H.R.5958, also known as the Homeowner Opportunity Act, was introduced this week. The bill,
which would make permanent the increase to the FHA & conforming loan limits for high-cost
areas, will be consider an amendment to the large housing stimulus bill.
“By making the loan limit increased to FHA, Fannie Mae & Freddie Mac permanent the mortgage
market, will achieve an immediate increase in liquidity”, said NAR President Dick Gaylord. “This
increased liquidity should help drive down mortgage costs & creat stability in the mortgage
market”.
Gaylord added the amendment can help working families achieve the dream of homeownership
by offering a safe & affordable alternative to risky subprime loans.
quote from RECON, Texas Real Estate Center, A&M U.