Calif. Congressman Suggests Making Higher Loan Limits Permanent

Pleasanton, Calif.–Congressman Jerry McNerney, D-Pleasanton, has written legislation to change the current Freddie Mac, Fannie Mae and Federal Housing Administration loan limits permanently, the San Jose Mercury News reports.The single-family home loan limits were raised until the end of the year to $729,750 as part of the Economic Stimulus Package to help homeowners in high-cost areas such as Northern California. “The foreclosures in San Joaquin County are horrendous,” McNerney told the Mercury News. “It’s affecting all sections of the real estate market, and we need something that will help stabilize the market and instill confidence in the market.”