BRIDGE Housing, OneCalifornia Foundation Urge Increase in GSE Conforming Loan Limit
SAN FRANCISCO, CA, January 23, 2008--BRIDGE Housing Corporation and the OneCalifornia Foundation join California Governor Arnold Schwarzenegger in urging President Bush and Congress to increase to $625,000 the limit on conforming home mortgages in California that can be purchased by government-sponsored enterprises Fannie Mae and Freddie Mac. The current loan limit, $417,000, is adequate for many places in the country, but not in California, where the median home price is well over $400,000. “This change will improve liquidity in the mortgage marketplace and permit more families to become homeowners with loans at rates they can afford,” said BRIDGE Housing President Carol Galante. “And increased home sales will have an immediate stabilizing impact on the housing market and the economy.” For more information about BRIDGE Housing, visit www.bridgehousing.com. To learn more about OneCalifornia Foundation, visit www.onecalif.com. ### ABOUT ONECALIFORNIA FOUNDATION
OneCalifornia Foundation engages in charitable and educational activities that primarily support OneCalifornia Bank’s community development mission and activities. Included are programs and grants to increase financial literacy, stimulate community development, help eliminate discrimination, encourage affordable housing, and alleviate economic distress. The Foundation will provide lending support, investments, and other services for disadvantaged communities and community service organizations in California. For more information, visit www.onecalif.com. |
