Sent today:Dear Representative Tom McClintock, Senator Barbara Boxer and Senator Dianne Feinstein,
As your constituent, and a REALTOR®, I urge you to act now to extend the current mortgage loan limits. On October 1, 2011, the loan limits will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. What we need now is time for the real estate market and overall economy to heal, to self-correct, and stabilize. Reducing mortgage liquidity at this time will hurt our fragile economic recovery.
In today's real estate market, lowering the loan limits will make mortgages more expensive for households nationwide. Private investors have not yet returned to housing markets. Lowering the loan limits now will leave credit-worthy borrowers without access to affordable financing and will prolong our housing crisis.
Although many believe that lower rates will only affect a few high-cost markets. the new limits, published by HUD and the Federal Housing Finance Agency (FHFA), show that more than 669 counties in 42 states and the territories would be negatively impacted by the loan limit change. The average decline in loan limits would be more than $68,000. Only eight states will see no decline. Every other state will see a drop in loan limits, and therefore a corresponding drop in the availability and affordability of mortgage credit. I urge you to pass legislation, to extend the current limits, and preserve housing opportunities for American families.
Sincerely,
Ms. Jill M. Bricker
1544 Crystal Air Dr
South Lake Tahoe, CA 96150-4963
(530) 577-8962
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