US House GSE Bill Changed, Adds High-cost Loan Cap

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005394-us-house-gse-bill-changed-adds-high-cost-/

By Kristin Roberts, Reuters

Legislation to be debated Wednesday to overhaul regulation of Fannie Mae and Freddie Mac has been changed to allow the mortgage giants to buy higher-cost loans in pricey markets, according to the revised bill from the House Financial Services Committee.

The new version of the House bill adds a high-cost loan limit, which would allow Fannie Mae and Freddie Mac to purchase higher-value home loans originated in high-cost areas. Some have argued raising the ceiling on the size of a loan Fannie and Freddie can buy in certain high-cost markets would help wealthy buyers, rather than low- and moderate-income people.

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US House GSE Bill Changed, Adds High-cost Loan Cap

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