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I received this from our Board of Realtors and this may be something you could do to help the housing market.
Marianne Hatton
Limited Call for Action: Calls to Congress Needed on Restoring Loan Limits
NAR issued a limited Call for Action this week asking members in a handful of specific states and selected House districts to call their elected officials regarding the restoration of the loan limits. Some members will be asked to call their Representative, some members will be asked to call their Senator, and some members will be asked to make two calls as their state has both a House member and a Senator that serve on key the conference committee that will decide the fate of restoring the loan limits. If you get one of these emails, please make the call(s). The link to our Click to Call Congress system are included in the emails that were sent. If you did not receive an email do not worry. It is likely you did not have a targeted elected official that needed to hear from you.
Thank you REALTOR® Party! Hit those phones!
Senate Votes To Restore Higher Loan Limits. Flood Insurance Receives Extention Through November 18
The Senate voted 60-38 to approve an amendment to restore higher limits on FHA backed home loans. NAR leadership and Government Affairs have been working tirelessly to press Congress to restore the former caps by arguing that lower limits will further harm the housing market.
The bipartisan amendment introduced by Senators Menendez (D-NJ) and Isakson (R-GA) restores the 125% of median area price loan limit and the cap reverts to $729,750 through December 2013. The measure still faces tough opposition in the House. NAR will continue to press Congress to restore the higher limits as quickly as possible.
Congress extended flood insurance until November 18. The Senate still must pass the 5-year reform bill (H.R. 1309) and resolve any differences with the House before this latest extension ends. Now is not the time to let up. Now that we are closer than ever, we need everyone who has not already done so to respond to the Call for Action to push the 5-year bill over the finish line. Without the NFIP, there would no longer be access to affordable insurance to protect against flooding, the most pervasive and extensive natural disaster in the U.S.
In the interim, we are asking members who have not already done so to please continue to take action on both of these items:
Take Action to Reauthorize the National Flood Insurance Program
Take Action to extend the FHA Loan Limits
Article provided by: National Association of Realtors
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