This month an amendment was passed by the Senate regarding an appropriation bill that would restore the conforming loan limits to $729,750 through 2013. The bill was passed in early 2011, but the House and Senate are currently finalizing the differences between the House and Senate bill. In conjunction with the California Congressional Delegation, CAR is working to make sure that this amendment is included in the final bill.
NAR has been extremely vocal in their effort to keep this issue front and center, working with senators to stress the negative effects of the lower loan limits on the housing market. One senator that has campaigned tirelessly on this issue is California's own Dianne Feinstein, who played a pivotal role in ensuring that the bill included the new loan limit amendment.