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raise those loan limits
The National Association of Realtors� today urged President George W. Bush and Congress to help homeowners and the national economy by loosening constraints on Fannie Mae and Freddie Mac as an integral part of a federal stimulus package currently being discussed.
�We believe that any stimulus package must address housing issues and increasing the conforming loan limits for these two government-sponsored enterprises,� said NAR President Dick Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. �The increase in loan limits would not only improve liquidity in the mortgage marketplace, but also boost homebuyers� confidence levels, resulting in increased sales and economic activity.�
NAR has been calling on Congress and the administration to increase the loan limits for Fannie Mae and Freddie Mac from the current ceiling of $417,000 to $625,000. �This change will permit more families to enter the housing market by making more mortgages available with lower interest rates. Increased home sales will lower inventories and immediately start stabilizing the housing market and the economy,� Gaylord said.
In addition, NAR has been actively advocating for quick passage of the Federal Housing Administration Reform bill. A reformed, modernized FHA program would offer a safe and affordable alternative to ... more

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