Rep. Frank backs higher Fannie, Freddie loan limits

Congress should extend increased loan limits on mortgages backed by Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) that are set to expire at year end, the powerful chairman of the House Financial Service Committee said on Wednesday.

"I hope we do do it before we adjourn" for the congressional recess ahead of the November 2 mid-term elections, Democratic Rep. Barney Frank of Massachusetts Democrat said at a hearing on the future of housing finance.

Congress raised the ceiling on the size of the loans in 2008 to help ease the credit crisis. Analysts warn the distressed housing market could take a fresh hit if they are not extended beyond December.

The House of Representatives in late July voted to extend them through September 2011 as part of an annual spending bill for the Department of Housing and Urban Development.

Read Full Article from Reuters

- Posted: 2010-09-15 21:55:29

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