WASHINGTON, D.C. – September 19, 2011 – (RealEstateRama) — With the Oct. 1 deadline rapidly approaching when the conforming loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) will be lowered, the National Association of Home Builders (NAHB) today called on Congress to move swiftly to extend the current loan limits to prevent further damage to the already fragile housing market and lackluster economy.“Congress must act now to prevent the loan limits from reverting to lower levels,” said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. “A drop in mortgage loan limits would reduce housing demand, and place downward pressure on home prices in major markets. This would exacerbate the current housing downturn, trigger more foreclosures, impede job growth and endanger the fragile economic recovery.”
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