An article from the Wall Street Journal Online, reports that as early as this week, the Senate is set to vote on a package of housing initiatives that would mark lawmakers' most comprehensive effort yet to deal with record numbers of foreclosures and a housing slump that is weighing on the economy. Included in the legislation is a regulatory overhaul for government-sponsored mortgage investors Fannie Mae and Freddie Mac, a $300 billion program to refinance struggling borrowers and a combination of government grants and tax credits to help homeowners. The Senate bill would expand the size of single-family mortgage loans that can be acquired or guaranteed by Fannie Mae and Freddie Mac to $625,000 from the $550,000 set in an earlier bill approved by the banking committee. Currently the limit on such loans is about $730,000, which represents a temporary increase enacted by Congress earlier this year. Unless Congress takes action, the loan limit is due to revert to $417,000 at the end of this year.
http://online.wsj.com/article/SB121375208357082983.html?mod=RealEstateMain_1
http://online.wsj.com/article/SB121375208357082983.html?mod=RealEstateMain_1
