what does the GOVERNATOR wants ?

Here in California Gov. Arnold Schwarzenegger wants Congress to raise the Fannie Mae and Freddie Mac lending

limit from $417,000 to at least $625,000 as part of the economic stimulus package. State Assemblyman Ted

Lieu is pushing for a bill that requires mortgage lenders to tighten up already strict guidelines to make sure

homebuyers can afford their basic monthly bills before qualifying for a mortgage loan. This bill would also ban

certain designer mortgage loans such as the option arm mortgage. The option arm mortgage, also known as the

pay option arm, allows borrowers to pay less than the interest that is due by adding the unpaid interest to the

balance of the mortgage loan. The bill would also allow some homeowners to refinance their homes without

being responsible for any penalties or unnecessary fees.