Congress Urged to Keep Higher U.S.-Backed Mortgage Limits

``If Congress doesn't act, the maximum size of loans that can be guaranteed by Fannie Mae, Freddie Mac and the Federal Housing Administration will drop Oct 1. The new limits vary by location, but will drop to $625,500 in expensive markets such as New York, Los Angeles and Washington from the current $729,750.'' -- May we remind people that the increased loan limits were supposed to be TEMPORARY EMERGENCY MEASURES... when you are propping up values, of course there is going to be some pain when those props are removed. But if we can't ever take some political and economic pain to do the right thing, we're screwed....