PASADENA, Calif. — California Credit Union League CEO Bill Cheney told HRD Network conference-goers that he and his legislative group plan to work with Representative Brad Sherman (D-CA), longtime credit union supporter, to extend the temporary increase in federal conforming loan maximums.
As part of this month's economic stimulus package, Fannie Mae and Freddie Mac raised conforming loan limits from $417,000 to $729,750, but only through December 2008.
"Let's face it, in places like San Francisco, we just don't make a lot of mortgage loans under $400,000," Cheney said, "and this could be an opportunity to actually work with bankers to extend the new maximum, or make it permanent."
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