When the banks forget Fannie and Freddie

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CNNMONEY, WRITING

Banks, looking to squeeze as much as they can out of the real estate boom, are upping loan limits for the typical consumer mortgage ahead of their traditional schedule.

The move is taking place in so-called conforming loans, where banks take their cue on lending terms from Fannie Mae, the federally sponsored mortgage giant. But banks have decided not to wait for Fannie Mae this year.

“A lot of lenders are sending out letters stating that they are going to start accepting loans at higher loan limits well ahead of the Fannie Mae announcement,” said Bob Moulton, President of Americana Mortgage in Manhasset, New York. It’s a move he says he hasn’t seen in his 25 years of business

READ MORE AT CNNMoney.

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Abigail Bassett is the Executive Editor at CNTRL MEDIA, LLC. She is also a freelance content creator and curator whose work has appeared in publications like Forbes, Fortune, Automobile, Motor Trend, Money Magazine and on CNN. Her passion is telling unique stories using a variety of media and taking the visitor places that they have never been–whether it’s into the cockpit of a rare supercar, inside an exclusive home or hotel, or behind the scenes of a fashionable event. She is also a Yoga Alliance Registered 200-hour yoga teacher. She teaches at a number of public, private, and corporate venues, around Los Angeles, CA.

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