Mortgage giants Fannie Mae and Freddie Mac will continue to fund higher-priced mortgages at current limits at least through the middle of next year, federal regulators announced.
The Federal Housing Finance Agency, which oversees Fannie and Freddie, was planning to lower limits by the end of the year in a move designed to decrease its role in the market and bring more private capital to the mortgage business. But Ed DeMarco, FHFA acting director, says: 'We are not making a change there in the immediate term.”In 2008, government-backed mortgage limits were increased from $417,000 to up to $729,750 in some high-cost areas. In 2011, limits were reduced to $625,500 in high-cost areas, but FHA’s limits remain at $729,750. The limits were scheduled to decrease at the end of this year. iFHFA to Stop 'Forced' Homeowner's Insurance learn more...
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