Thursday, January 24, 2008

We're All Jumbo Subprime Now

by Tanta on 1/24/2008 08:56:00 AM

Raising the conforming limit to $625,000. Because other kinds of stupidity take too long, I guess. Via Alex Stenback:

"Sources in the House, the Senate, and the White House are all indicating today that a tentative consensus has been reached that the economic stimulus bill that Congress will send to the President will include much of the FHA Reform Legislation including raising the FHA loan limit max to match the FHA conforming limit AND a one year raise of the conforming limit to $625,000 with the possibility of an additional one year extension at expiration. All sources also indicate Congress will deliver the bill to the President before their break in mid-February and that it should be signed by the end of February. Obviously this is not "done" but all of the sources I am using are very close to the action. This would mean that we could see at least the loan limit portions of the legislation we are hoping for within the next 6 weeks."
I can only hope Alex's source is drinking cough syrup, because while this is not the dumbest thing I have ever heard of--I work in the mortgage business, the thresholds are very high--it is quite close.

Last 10 Posts