California's Mortgage Bankers Applauds Passage of Congressional Housing Bill.Increased Conforming Loan Conforming Loan A conventional mortgage under $203,150 that conforms to the loan amounts and mortgage guidelines used by Fannie Mae and/or Freddie Mac. Notes: Conventional mortgages or conforming loans are classified as non-conforming or jumbo loans when the amount of the Limits a 'Significant Boost for Californians' SACRAMENTO, Calif. -- The California Mortgage Bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. Association (CMBA CMBA California Mortgage Bankers Association CMBA Certified Master of Business Administration CMBA Classic Motor Boat Association (of Great Britain) CMBA Crestone Moffat Business Association (Colorado) ) applauds the passage in the U.S. House of Representatives of the much-anticipated housing bill, particularly the permanent increase in the conforming loan limits that CMBA has long supported. "This action by the House provides a significant boost for Californians, and will positively affect future generations of homeowners," said Susan DeMars, CMBA Executive Director. "We support the efforts of both Congress and President Bush to come to an agreement that will ensure passage of the bill." CMBA has long been an active supporter of efforts to permanently increase the conforming loan limits, which, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. estimates by the National Association of REALTORS The National Association of Realtors (NAR) is made up of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, and counselors, and others working in the real estate industry. , would allow an additional 500,000 homeowners to refinance each year, possibly limiting the impact of increased foreclosures by up to 210,000 annually. The provision included in the housing bill would raise the conforming loan limits from $417,000 to $625,000. The California Mortgage Bankers Association is the leading statewide organization representing the residential and commercial real estate finance industry. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion