What's going on with the stimulus package? Sadly, NW Indiana may get exactly zero assistance from this mortgage package since we are aligned with Gary in statistical methods. Berni Germani reports:
...I had the distinct opportunity to be at a meeting with a couple of
representatives from Fannie Mae. According to these representatives HUD has 30
days from the day the President signed the package into law to identify the
impacted Metropolitan Statistical Areas (MSA's). In other words HUD will
determine new loan limits based on median area sales prices. So this will delay
the loan limit changes until probably March or April.
It's hard to say when exactly the change will happen since we are all
waiting on HUD and Fannie Mae/Freddie Mac to update guidelines. Hang in there
people and let's continue to work diligently!
I heard loudly today we(orginators) still can make an impact by writing
our state Representative to let them know we need this sooner than later.
This is an urgent request for your help. Only you and the members
of Congress can make this desperately needed change. Please respond to
help our state's residents and economy as a whole begin to recover from the
credit crisis.
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