California’s Mortgage Bankers Applauds Passage of Congressional Housing Bill

SACRAMENTO, Calif.--(BUSINESS WIRE)--The California Mortgage Bankers Association (CMBA) applauds the passage in the U.S. House of Representatives of the much-anticipated housing bill, particularly the permanent increase in the conforming loan limits that CMBA has long supported.

“This action by the House provides a significant boost for Californians, and will positively affect future generations of homeowners,” said Susan DeMars, CMBA Executive Director. “We support the efforts of both Congress and President Bush to come to an agreement that will ensure passage of the bill.”

CMBA has long been an active supporter of efforts to permanently increase the conforming loan limits, which, according to estimates by the National Association of REALTORS, would allow an additional 500,000 homeowners to refinance each year, possibly limiting the impact of increased foreclosures by up to 210,000 annually. The provision included in the housing bill would raise the conforming loan limits from $417,000 to $625,000.

The California Mortgage Bankers Association is the leading statewide organization representing the residential and commercial real estate finance industry.