So what about congress's stimulus package

Posted by Leslie Bauer on Wednesday, January 30th, 2008 at 11:46am.

So what about Congress’s stimulus package? The House approved HR 5140 yesterday, 385-35. It would send one-time rebates to 111 million families, provide tax breaks to businesses, and ease mortgage loan limits. (The “tax breaks to businesses” is already coming under fire: what good will come of helping a company pay for machines to produce something that consumers can’t buy because they’re spending their money on fuel and food and their home equity is tapped out?) Section 201 of the bill temporarily increases the conforming loan limit until December 31, 2008 to as high as $729,750 in high cost housing markets. The bill also includes a FHA loan limit increase from $362,790 to the same $729,750. The bill now must be approved by the Senate, with every attempt being made to meet the imposed Feb 15 deadline. There is some concern being expressed in the Senate about the increase in the conforming loan limit without a comprehensive set of new authority for OFHEO. If all goes as planned and the President approves the bill on 2/15, some believe that originators would be able to start making loans almost immediately after bill is signed into law

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