Sens. Robert Menendez (D., N.J.) and Johnny Isakson (R., Ga.), have introduced an amendment to raise the “conforming loan limit” for mortgages that Fannie and Freddie can buy, and the Federal Housing Administration can insure, to $729,750. Their measure could be voted on as early as tonight.
This loan limit expired at the end of September and reverted to $625,000. But it was only a few years ago that the limit was less than $500,000.Because we all know that without the government's guarantee, people who can afford mortgages approaching three-quarters of a million dollars will be reduced to living in cardboard boxes.
But they are not alone. The October 20, 2011 FoxNews reports on another effort to help us by helping the very rich:
The reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.
The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer, D-N.Y., and Mike Lee, R-Utah, designed to spur more foreign investment in the U.S.
Read more: http://www.foxnews.com/politics/2011/10/20/senators-draft-bill-to-give-visas-to-foreigners-buying-pricey-homes/#ixzz1bM7pj9M8