Letters to the Editor

Re: 'Fate of plan to raise conforming loan limit in doubt' (Jan. 28)

Dear Editor:

As we move forward, one of the issues that we need to bear in mind is "affordable housing." Raising the conforming loan limit may seem like an interesting option in the current conditions. Long-term wages have not kept up with home prices. We need to proceed with caution and good sense.

Phyllis D.
RealEstate.com Realtors
Buckeye, Ariz.

Dear Editor:

The Senate is proving to be the roadblock to a solution to the economic problems we are facing as a society. The Democrats want to extend unemployment benefits using this package ... HELLO!!! ... the unemployment rate is 5 percent nationally, otherwise known by economists as FULL EMPLOYMENT! There are areas of the country such as Michigan where unemployment is a much bigger problem, so if you must extend benefits it should be allowed only in areas where the unemployment rate is much higher than the national average.

However, the Democrats, true to their vision, are looking to recreate the welfare state removed during the Reagan years. The stimulus package is not where this should be addressed.

Fannie Mae and Freddie Mac are being authorized under the package to offer jumbo loans for one year only -- NOT permanently. If it were permanent I would want them under much more careful scrutiny than currently being given.

Again, that is a separate issue to be taken up during the regular legislative session where there is time to do it carefully and completely -- i.e. the right way. If they stop Fannie and Freddie from doing jumbos, they will relegate conforming loans to the place that FHA and VA held during the boom years. In other words, FHA and VA will be how most loans are financed, and Fannie and Freddie will potentially be outmoded and relegated to be a small player in the mortgage market.

Senators, get off your backsides, stop grandstanding, knock off the pork and get something done!

Pete Contostavlos
Chantilly, Va.

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