There’s at least one economic policy issue on which Federal Reserve Chairman Ben S. Bernanke, President Barack Obama, and Republican leaders in the U.S. House of Representatives agree: All say it’s time for the federal government to begin scaling back the size of home mortgages it buys or insures.
That’s scheduled to happen on Oct. 1, when limits on loans backed by the Federal Housing Administration and government-controlled mortgage finance companies Fannie Mae and Freddie Mac will drop from the record highs set in the aftermath of the 2008 financial crisis. In high-cost areas, the cap will fall from $729,750 to $625,500.
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