Corker Calls Renewal of Federal Housing Loan Limits to Subsidize Expensive Mortgages “Unconscionable,” Will Oppose Spending Package

WASHINGTON, DC – November 17, 2011 – (RealEstateRama) — U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking Committee, today called an effort to renew excessive loan limits for mortgages backed by the Federal Housing Administration “unconscionable,” arguing the higher loan limits put taxpayers at risk when Congress should be restoring the private market for housing. A measure being added to an appropriations conference report would raise the FHA’s conforming loan limit to $729,750 after it had fallen to $625,500 in September.