Temporary Loan Limits Survey

The U.S. Senate will take up the Housing Stimulus bill that was stalled in late June after Senator Ensign (NV) insisted on an amendment to include tax credits for solar energy. The Senate Housing Bill garnered media attention when Senators voted to close discussion regarding the bill and move forward to a Senate vote. The Senate version of the bill would make conforming loan limits capped at $625,000 (in high cost areas) whereas the House version would make $729,750 the maximum conforming loan limit.

It is widely believed in the Senate, Senator Shelby (AL) does not want conforming loan limits to exceed $625,000 and initially wanted to cap the conforming limit at $550,000.

(What do you think about higher loan limits and the current temporary loan limits introduced by Congress?) -- Click Here for the survey

The Senate version of the bill also would include a provision to enact a national licensing/registration system known as the S.A.F.E. Mortgage Licensing Act. The House bill does not include this proposal.

As these aspects of the bill differ from the version passed by the House, if the Senate bill is passed in its present form, the House and Senate will have to negotiate on the differences to send the President a final version.

The majority of California representatives and Senators Boxer & Feinstein support higher loan limits, with Speaker of the House Pelosi pushing the Senate to accept the House proposal.

CAMB wants to hear from you. As part of our Government Affairs updates, we will include a link to a series of surveys to hear your thoughts on the issues. Sometimes this information will be used to present to members of Congress, sometimes it will be used as feedback from our members and nonmembers.

Congress needs to hear from industry experts on the effectiveness of current temporary loan limits. Please take a minute or two to answer our survey. We will post the results as the survey is concluded and update you with the answers. We will also use this information for our Government Affairs team to present to members of Congress. – Click Here for the survey

Watch for more information and updates on what CAMB is doing to help the mortgage industry and specifically you.

If you want more information about this issue or about CAMB’s government affairs efforts, you can contact the CAMB Government Affairs team at (916) 448-8236 or at governmentaffairs@cambweb.org

Posted 7/14/2008 @ 12:00 PM | CAMB Survey | Read Entry