Submitted by Ronald Tennant with Metrocities Mortgage:
San Francisco Chronicle (05/22/08)
Legislation approved by the Senate Banking Committee would reduce the conforming loan limit to $550,000 from the $729,750 temporary ceiling slated to expire at the end of the year. If passed by the full Senate, the new permanent cap would still be higher than the previous limit of $417,000. Lawmakers are hammering away at a comprehensive housing bill, and they continue debate over permanent loan limits and whether Fannie Mae and Freddie Mac should be permitted to buy jumbo loans as investments rather than unload them as securities.
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