WASHINGTON, D.C. (Sept. 30, 2010) - Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association, today issued the following statement commending passage of legislation that would extend the current conforming loan limits through the new fiscal year and provide the Federal Housing Administration's multifamily programs with additional commitment authority.
"Both of these items are extremely important, given the fragile nature of our housing market.
"Extending the existing limits is essential to helping borrowers continue to have access to affordable long-term, fixed-rate mortgage credit in today's struggling economy. The current limits have been a key component of keeping the mortgage market functioning, helping keep mortgage interest rates low for consumers who want to purchase a home or refinance an existing mortgage.
"Likewise, providing the FHA with additional multifamily commitment authority will help ensure funding for the continued development, renovation and mortgage refinancing necessary to preserve affordable rental housing in this country.
"This sector has been crucial during the recent housing downturn and credit crisis, and FHA needs the additional authority in order to ensure the market remains liquid."
H.R. 3081, which passed the Senate and House last night, will continue funding for the federal government through Dec. 3, 2010.
It contains broadly supported provisions to extend the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (including FHA reverse mortgage products, or HECMs) through September 30, 2011, and to provide $20 billion in loan commitment authority for FHA's General and Special Risk Insurance Funds.
The Mortgage Bankers Association (MBA) today released its Commercial Real Estate/Multifamily Finance Quarterly DataBook for the second quarter of 2010.
The analysis shows that commercial real estate fundamentals are showing signs of a firmer stabilization as businesses eased job cuts and started to hire, consumers began to re-open their pocketbooks and as households increasingly looked to rent rather than own their homes.
For a complete copy of the news release, please contact Carolyn Kemp at (202) 557-2727 or ckemp@mortgagebankers.org.
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