California's Mortgage Bankers Applauds Passage of Congressional Housing Bill

Increased Conforming Loan Limits a 'Significant Boost for
Californians'
SACRAMENTO, Calif.--(Business Wire)--
The California Mortgage Bankers Association (CMBA) applauds the
passage in the U.S. House of Representatives of the much-anticipated
housing bill, particularly the permanent increase in the conforming
loan limits that CMBA has long supported.

"This action by the House provides a significant boost for
Californians, and will positively affect future generations of
homeowners," said Susan DeMars, CMBA Executive Director. "We support
the efforts of both Congress and President Bush to come to an
agreement that will ensure passage of the bill."

CMBA has long been an active supporter of efforts to permanently
increase the conforming loan limits, which, according to estimates by
the National Association of REALTORS, would allow an additional
500,000 homeowners to refinance each year, possibly limiting the
impact of increased foreclosures by up to 210,000 annually. The
provision included in the housing bill would raise the conforming loan
limits from $417,000 to $625,000.

The California Mortgage Bankers Association is the leading
statewide organization representing the residential and commercial
real estate finance industry.

The California Mortgage Bankers Association
Dustin Hobbs, 916-446-7100
Communications Director
Dustin@CMBA.com

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