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Bill would keep insurance on houses up to $729,750
Photo credit: Andreas C. Constantinou
A Long Island congressman has introduced a bill that would allow the federal government to keep insuring loans of up to $729,750, key to high-cost housing areas such as Long Island.
The current loan limit expires Oct. 1 and would revert to $625,500, but Rep. Gary Ackerman (D-Roslyn Heights) proposes to extend the limit to Oct. 1, 2013.
The insured loan limit used to be $417,000 for Fannie...
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