I received an email from Jim Gillespie President and CEO of Coldwell Banker supporting NAR's call to action to write your Senators to keep the higher loan limits. The link to NAR takes less than a minute to send your Senators a pre-written letter.
The National Association of Realtors® is in the midst of a critical call for action to shape the outcome of legislation affecting Fannie Mae, Freddie Mac, and FHA loan limits.
As you know, the current loan limit increases are temporary and are set to expire at the end of the year. NAR is telling Congress that they should make these limits permanent. The House of Representatives has already voted to do so but the Senate has reduced the maximum limit to $550,000 in its bill (and would reduce other limits proportionally as well).
It is important to support NAR's efforts on this issue because making the higher loan limits permanent will increase investor confidence and the availability of safe, fair and affordable mortgage credit for borrowers and help those wishing to refinance. Higher loan limits will also help stabilize mortgage markets and the economy as a whole.
Below is the link to the Realtor Action Center that provides an easy, one-click way to send a letter to your Senators asking them to make the higher loan limits permanent:
This issue is not just important for those in areas with the highest limits ($729,750). If the current Senate version prevails, all market areas currently above $417,000 for Fannie and Freddie and above $271,000 for FHA will be negatively affected in significant ways.
Time is of the essence - the Senate could vote as early as the week of June 16 - so we ask that you share this letter with your associates and ask them to take action today so that you can help NAR send a strong message to the Senate that they need to keep the higher loan limits in place for 2009 and beyond.
Thank you in advance for your participation in this important outreach effort to your elected officials.