I regularly contact my state senators in regards to issues brought forward on different subjects that might affect real estate, loans for real estate, and housing prices.  I recently received the below reply to one of my e-mails from NV Senator and Senate Majority Leader, Harry Reid (D).  I posted it here as I thought in an election year this might be of interest to some.  I would love to hear your thoughts and comments on it.  When I hear back from NV Senator John Ensign (R) I will post his reply also.

I encourage everyone to take a proactive approach with your elected officials on the matters of interest to you.  You may feel it does no good - but if you don't like what he/she has to say  then you know who NOT to vote for in the next election.  And if you do like what she/he has to says then you can vote with confidence next time.

Dear Ms. Warren,

Thank you for contacting me. I appreciate hearing from you.

As you know, Nevada has one of the highest foreclosure rates in the country. The number of foreclosures since August of 2006 has gone up more than 200 percent. After an earlier effort was blocked, I worked hard to have the Senate resume consideration of housing legislation on April 3, 2008, and again on June 19, 2008. The Housing and Economic Recovery Act of 2008 (H.R.3221, previously referred to as the Foreclosure Prevention Act) will modernize the Federal Housing Administration (FHA) by introducing a more flexible lending process and permanently raising loan limits 110% of area median home price with a cap of $625,500. While I understand that this limit does not address the needs of areas of the country where the median price is higher than this cap, these changes should make the FHA program a better option for families looking to refinance their mortgage.

The measure also reforms the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and Federal Home Loan Banks (FHLBs) by creating a new regulator and using assessments on Fannie and Freddie to create an affordable housing trust fund. The conforming loan limit was raised to 100 percent of the area median home price with a cap of $625,500, and a floor of $417,000 (preventing the loan limit from dipping below that amount).

H.R. 3221 is awaiting final approval by the Senate but has cleared several procedural hurdles with very large, bipartisan votes, so we expect the measure to pass. I have noted your support to make the $729,750 loan limits permanent, and as we work to resolve differences between the House and Senate versions, I will certainly keep your suggestions in mind.

As Nevada's senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation's economy and make Nevada an even better place to live. I appreciate hearing your thoughts regarding this matter.

My best wishes to you.

Sincerely,

A

HARRY REID

United States Senator

Nevada

HR:cs

FOOT NOTE BY ME; I have NO clue why his signature shows this way...I just copied and pasted it the way it was in the e-mail. It may be the way he wants it, it may be a glitch in something.

www.MaryWarren.com