Restore Housing Loan Limits

October 31, 2011

On September 30th, 2011, the temporary loan limits for FHA and GSE insured home loans expired, resulting in a reduction of consumer credit in 669 counties across 42 states. The expiration is making a weak housing market even weaker and also makes it harder for middle class homebuyers to get mortgages when credit is already tight.

Luckily, there is a solution in the form of a bipartisan amendment, referred to as the Menendez-Isakson Amendment, which would restore the recently expired temporary loan limits until December 31, 2013.

Fortunately, some leaders in Congress are taking steps to extend the temporary loan limits and pass this important amendment. The legislation now goes to a "Conference Committee" to iron out differences between the House & Senate versions. But they need your help to succeed as some members of the US House are opposed to a loan limit extension and thus will likely push to exclude the Menendez-Isakson Amendment from the Conference Report. The Conference Report could be finalized as early as next week so time is very critical.

We need to apply pressure on rank & file House Republicans to reach out to House Leadership to encourage them to preserve the Menendez-Isakson language.

Please contact your elected representative in Congress today and ask them to support Appropriations Bill HR 2112. This legislation enjoys bi-partisan support in the House and is our only chance to restore the temporary loan limits that are so important to stabilizing the housing market.

Please click here to send your message to Congress today!

Sincerely,

Ken Gear
Executive Director
Leading Builders of America