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  • Comment Detail

  • Date: 12/20/13
    First Name: Mark
    Last Name: Milam
    Organization: Heritage Bank Mortgage
    City: N/A
    State: N/A
    Attachment: N/A
    Number: 2013-N-18

  • Comment

    The proposal to reduce the loan limit for 1 unit properties from $417,000 to $400,000 would present a massive negative impact to housing and the economic recovery. Our company originates government, conforming/conventional and jumbo mortgages. We are a direct Fannie/Freddie servicer. The world of jumbo lending is confusing, complex and, at times, nonsensical. The lowering of the conforming loan limit will force qualified borrowers into the jumbo realm, where they will be subject to varying and ever-changing guidelines.

    The standardization of underwriting criteria makes Fannie Mae/Freddie Mac the most trusted and viable mortgage investor in the marketplace. There is little doubt that further privatization of mortgage financing will foster confusion and doubt among homebuyers and investors.

    For the sake of our citizens, our financial prosperity and the future of housing in the United States, do not lower the conforming loan limit.