NAR Call For Action: Fannie Mae, Freddie Mac, and FHA Higher Loan limits.

By
Real Estate Agent with Compass

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:

http://takeaction.realtoractioncenter.com/campaign/higherloanlimits?qp_source=website

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.

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Rainmaker
39,905
Concetta Pepenella-Timmons
Remax Metro Staten Island, New York - Staten Island, NY
Associate Broker

Mitchell, The link opens to an outlook page in need of a code and login.

Jun 12, 2008 10:25 AM #1
Rainmaker
597,761
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Connie, Thanks I'll change that

Jun 12, 2008 10:27 AM #2
Rainmaker
127,537
Jude Sandvall: DreamHomes by Jude
Brokers Guild Classic - Englewood, CO
720-427-1021

Mitchell-

I'd like to complete the form but it doesn't open to a pre-written letter but an outlook page that requires a login.

Jun 12, 2008 10:28 AM #3
Rainmaker
597,761
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Try it now, I hope I fixed it. Sorry about that. The link was from my email.

Jun 12, 2008 10:31 AM #4
Rainmaker
1,317,476
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I want to read more on this.  Very interesting indeed. 

Jun 12, 2008 10:42 AM #5
Ambassador
582,751
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

That's a start but they also need to figure out what to do with all the people who are upside down in thier homes..

Jun 12, 2008 01:43 PM #6
Rainmaker
597,761
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

I received a response from Senator Schumer....Hillary must still be in bed under the covers. (Can't blame her lol) 

 Thank you for your e-mail. Each and every piece of correspondence I receive is important because it allows me to better understand the New Yorkers I serve in the United States Senate.
      As you can imagine, my office receives a great number of messages every day regarding a variety of issues - this is particularly true of e-mails. It makes me proud to know that my constituents take an active role in our government by corresponding with me, and I look forward to responding to your concerns in greater detail. In the meantime, I just wanted to let you know that your e-mail has been received, and to ask for your patience until I send you a more detailed response.
      Again, thank you for writing. Please feel free to visit my website http://schumer.senate.gov to follow my work in the Senate and to learn more about the services my office can provide to you.
     Warmest regards

Jun 13, 2008 02:14 AM #7
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Rainmaker
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Mitchell J Hall

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