WASHINGTON, Oct. 1 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today after Congress passed, and President Obama signed, an extension until the end of fiscal year 2011 of single family loan limits for the Federal Housing Administration (FHA) and for Fannie Mae and Freddie Mac. The extension of these loan limits will ensure that families across America will continue to have access to affordable mortgages, and will also provide a boost to the ongoing recovery of the nation's housing market.
"Democrats understand that strengthening our nation's housing market is essential to the American economic recovery. To ensure that the housing market continues to recover from the effects of the subprime debacle and the ensuing economic downturn, Congress has taken swift action in the Continuing Resolution to extend single family loan limits for the Federal Housing Administration and Fannie Mae and Freddie Mac through the end of fiscal year 2011.
"An expiration in the higher loan limits could have done great harm to our fragile economy nationwide. Instead, we have helped keep the mortgage market functioning and ensured that home mortgages are available and affordable for consumers. For the Bay Area, where housing costs are among the highest in the nation, this means Americans will continue to be able to have access to the mortgage loans they need.
"Democrats will continue to work toward economic recovery; stabilizing the housing market is critical to that effort. And we will continue standing with President Obama on behalf of middle-class families and America's Main Street."
SOURCE Office of the Speaker of the House