Industry NewsMarkets & Economy

Stimulus bill restores Fannie, Freddie, FHA limits

Tax credit, other housing programs reduced in compromise bill
Published on Feb 13, 2009

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by CareyBot

Congress today voted on a $790 billion economic stimulus bill that includes a modest expansion of a first-time homebuyer tax credit and restores to $729,750 the upper loan limit in high-cost areas for Fannie Mae, Freddie Mac and FHA loan guarantee programs.

Voting along party lines -- no House Republicans supported the bill, and only three voted for Senate passage -- lawmakers approved nearly $1 trillion in new spending and tax cuts championed by the Obama administration as needed to save or create 3 million to 4 million jobs.

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