I wanted to pass this along to the 47 thousand plus members out there.
I have taken an excerpt from the email I received from the N.A.R. to take part in stabilizing our mortgage market.
"As a REALTOR you recognize that stabilizing the current mortgage market turmoil requires an immediate and significant response from Congress. I strongly recommend contacting your Member of Congress to ask for his or her YES vote on H.R. 1852, the Expanding American Homeownership Act of 2007 and a YES vote on the Frank-Miller-Cardoza amendment.
H.R. 1852 reforms the FHA program by building on the strength and security of successfully insuring mortgages for more than 70 years. It is the immediate and significant response necessary to return stability to the mortgage market.
The amendment offered by Congressmen Frank (D-MA), Gary Miller (R-CA) and Cardoza (D-CA) raises the single-family FHA loan limits to 125% of area median home prices and permits the Secretary of Housing and Urban Development to grant additional increases if required by market conditions."
I realize that the FHA loan limit does not affect all parts of the country. But it would make a significant difference in the large metropolitan areas that FHA cant reach because of the higher prices. So I am asking that all 47,487 members of active rain raise your voice and help those that would be impacted if this bill were to pass.
For more information, or to take part in the "call to action" (even if you are not a real estate agent) follow this link "Take Action" sign in, then go to "FHA reform".
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