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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: ild who wrote (22642)	11/30/2004 10:56:22 AM
From: ild	Read Replies (1) \| Respond to of 110194

WASHINGTON (Dow Jones)--Federal regulators raised the limit on the loans that Fannie Mae (FNM) and Freddie Mac (FRE) can purchase for single-family homes beginning next year to $359,650, up from $333,700. The companies' regulator, the Office of Federal Housing Enterprise Oversight, announced the increased loan limits Tuesday. OFHEO took over calculating the maximum loan size Fannie and Freddie can purchase last year after saying the 2004 limit was $2,300 too high because of an "improper calculation" made by Fannie and Freddie. The adjustment is based on changes in average home prices nationwide as determined by the Federal Housing Finance Board, which used to calculate the actual loan limits as well. The companies' loan limits for larger properties will be: $460,400 for two- unit homes, $556,500 for three-unit mortgages and $691,600 for four-unit houses. The limits for second mortgages will be $179,825 in most areas and $269,725 in high-cost areas.