Congress votes to restore FHA loan limits

House and Senate leaders signed off on a conference report for a “minibus” appropriations bill that included language restoring FHA’s ability to insure loans of up to $729,750 in high cost markets through 2013. Because the minibus appropriations package also contains a continuing resolution to avoid a government shutdown and continue federal operations until Dec. …

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California home sales increase in October

Home sales increased 8.5 percent to a seasonally adjusted annual rate of 493,240 units in October compared with a year earlier, C.A.R. reported.  On a month-over-month basis, home sales in the state rose 0.9 percent. “Based on preliminary analysis, it appears that the lower conforming loan limits has had a cooling effect on home sales …

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Congressman Suggests Extension of Conforming Loan Limit

Congressman Gary Ackerman (D-New York) sent a letter to House Appropriators Thursday urging them to extend the temporarily increased conforming loan limit that will otherwise expire October 1. Ackerman was joined by 36 members of Congress in his request. Ackerman suggested the conforming loan limit extension be built into the continuing resolution that will keep …

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Distressed B. of A. homeowners in Calif. now have chance of principal reduction

Distressed Bank of America homeowners in California now have chance of principal reduction Bank of America has joined the Keep Your Home California principal-reduction program, making it the largest loan servicer involved in lowering loan balances for those with economic hardships. Making sense of the story Keep Your Home California is a program offered through …

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