The U.S. Senate barely passed a measure to reinstate the previous conforming loan limits that had expired on October 1. An amendment was added to a HUD Appropriations bill by two Senators, one Republican and one Democrat. Bipartisanship is not dead, after all!
Last night at around 11:30 eastern the Senate voted to include an amendment sponsored by Senators Menendez (D-NJ) and Isakson (R-GA) in the Transportation – HUD Approps bill that would reinstate conforming loan limits to 125% of median area home price capped at $729,750. The amendment required a 60 vote threshold to pass and came in 60-38.
REALTORS® across the U.S. contacted their representatives in the House and Senate all summer long in order to remind Congress that access to housing finance is a critical part of our economy and the recovery.
The approps bill including the loan limits amendment now heads to the House where it will likely go to conference between the House and Senate. Stay tuned for more updates as the details come together on the conference committee and the prospects of the loan limits among House conferees.
