Leaders from the House of Representatives worked out a deal with the White House on Thursday regarding the new economic Stimulus package. Here is an excerpt from a recent AP report:
To address the mortgage crisis, the package also raises the limits on Federal Housing Administration loans and home mortgages that Fannie Mae and Freddie Mac can purchase to as high as $725,000 in high-cost areas. Those are considerable boosts over the current FHA limit of $362,000 and the $417,000 cap for Fannie Mae and Freddie Mac’s loan purchases.
However, the Senate still needs to concur before the bill is sent to the President for a signature:
Senate Majority Leader Harry Reid said the goal is to send the package to the White House by Feb. 15 for President Bush’s signature