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 a full-time freelance journalist, content creator, and television, video, and podcast host whose work has appeared in publications like TechCrunch, Fast Company, Inc. Magazine, Forbes, Fortune, Motor Trend, Shondaland, Money Magazine, and on CNN. Her passion is telling unique stories that change the way we see, interact with, and relate to the world. She is also a Yoga Alliance Registered 200-hour yoga teacher.

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