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https://www.wsj.com/articles/fannie-mae-freddie-mac-to-back-home-loans-of-nearly-1-million-as-prices-soar-11637071380


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FANNIE MAE, FREDDIE MAC TO BACK HOME LOANS OF NEARLY $1 MILLION AS PRICES SOAR


SCHEDULED INCREASE IN LOAN LIMITS IS A BOON FOR BORROWERS BUT ALSO STOKES DEBATE
OVER GOVERNMENT’S ROLE IN HOUSING MARKET

LOAN LIMITS ARE EXPECTED TO JUMP TO JUST UNDER $1 MILLION IN HIGH-COST HOUSING
MARKETS SUCH AS SAN FRANCISCO

Photo: David Paul Morris/Bloomberg News
By
Andrew Ackerman
Close


ANDREW ACKERMAN

 * Biography
 * @amacker
 * andrew.ackerman
 * andrew.ackerman@wsj.com

Nov. 16, 2021 9:03 am ET

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WASHINGTON—The federal government is about to back mortgages of nearly $1
million for the first time.

The maximum size of home-mortgage loans eligible for backing by Fannie Mae and
Freddie Mac are expected to jump sharply in 2022, a reflection of the rapid
appreciation in home prices nationally over the past year.

The increase may make it easier and cheaper for some borrowers to buy a home,
particularly in more expensive areas of the country, but the higher limits are
also likely to elevate debate about how big of a mortgage is too big to be
backed by the government.

“Housing prices are expensive,” said Steve Walsh, president of Scout Mortgage in
Scottsdale, Ariz., adding that some of his clients are unable to qualify for
loans for modest-sized homes under the current limits.



“I don’t believe these people are looking for a castle, just a three-bedroom
house with a backyard,” Mr. Walsh said.

By law, the loan limits are updated annually using a formula that factors in
average housing-price increases nationwide.

SHARE YOUR THOUGHTS

Should the federal government back million-dollar mortgages? Why or why not?
Join the conversation below.

Currently, the government-controlled mortgage companies can back single-family
mortgages that have balances as high as $548,250 in most parts of the country
and up to $822,375 in expensive housing markets, including parts of California
and New York.

Those limits are expected to jump to a baseline level of about $650,000 in most
jurisdictions and to just under $1 million in high-cost markets.

In all, about 100 counties out of more than 3,000 counties across the U.S. are
designated as high-cost markets, according to the Federal Housing Finance
Agency.

Created with Highcharts 9.0.1Approaching $1 MillionMaximum size of single-family
mortgages eligible for backing by Fannie Mae and Freddie MacNote: 2022 figures
are based on industry projections. Source: FHFA
Created with Highcharts 9.0.1Baseline limitsHigh-cost
limits2015'16'17'18'19'20'21'220100,000200,000300,000400,000500,000600,000700,000800,000900,000$1,000,000

The precise loan limits are set to be announced Nov. 30 by the agency, which
oversees the two mortgage giants, and the new limits will go into effect in
January. Mortgages within the limits are called conforming loans; mortgages that
exceed them are called jumbo mortgages, which tend to be more expensive for
borrowers to obtain and generally have larger down payments for comparable
borrowers.

Mortgage bankers and real-estate agents say the new limits should keep pace with
the double-digit rise in home prices. Low mortgage-interest rates and buyers
looking for more space during the pandemic has helped fuel the housing price
surge in recent months, along with a significant shortage of new homes.

Nationwide, the median single-family, existing-home sales price rose 16% in the
third quarter to $363,700 from a year before, a record in data going back to
1968, the National Association of Realtors said Nov. 10.

But some housing experts say the expected jump in loan limits raises questions
about the appropriate role of the government in housing and whether taxpayers
should effectively backstop sky-high housing prices, when Fannie and Freddie’s
market share is already rising.

Fannie and Freddie, which guarantee about half of the $11 trillion mortgage
market, don’t make loans. They instead buy them from lenders and package them
into securities that are sold to investors.

Created with Highcharts 9.0.1Uncle Sam's ClubMarket shareSource: Inside Mortgage
Finance, Urban InstituteNote: 2021 data through June. Federal agencies include
the U.S. Department of Veterans Affairs and the Federal Housing Administration.
Created with Highcharts 9.0.1Fannie/FreddieFederal
agencies'05'10'15'2020010255075100%

The companies’ market share during the pandemic jumped to nearly 60% of all new
mortgages, up from about 42% in 2019, according to the Urban Institute, a
Washington think tank that conducts research on economic and social policy.

“For some policy makers, the one-million-dollar threshold will catalyze concern
and conversation,” said Isaac Boltansky, a policy analyst at brokerage firm
BTIG. “The annual loan limit formula is an elegant means of adjusting policy
without disrupting markets, but it skirts the bigger and more consequential
debates over the optimal and appropriate role of the government in the housing
market.”



The government assumed control of the firms in 2008 during the height of the
financial crisis to prevent their failure. Under the terms of their 2008
conservatorships, they currently have access to more than $250 billion in
support from the Treasury Department.

Some housing-policy experts who are wary of Fannie and Freddie’s outsize role
say the sharp expected rise in loan limits should prompt policy makers to debate
the level of government support that is necessary for a mortgage. Borrowers who
can afford million-dollar mortgages should be able to finance a home without
government-backed financing, they say.

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They favor policies that would eventually wean the mortgage market off
government support and allow the market for nongovernment-guaranteed mortgages
to take a bigger role, particularly for high-dollar loans.

“We’re continuing to go down a trail in which we see the Treasury, through the
backstop of Fannie and Freddie in conservatorship, backing larger and larger
loans, taking up more and more of the market,” said Ed DeMarco, a former top
FHFA official who is now president of the Housing Policy Council, a
housing-industry trade group. “At some point, you would expect Treasury and the
Congress would want to ask, is this really where we want to be going?”

Mr. DeMarco’s group favors the FHFA using its powers as conservator of Fannie
and Freddie to either freeze or drop the loan limits, essentially overruling the
annual formula that calls for a rise in loan limits.

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How Mortgages Work in the U.S.

The U.S. mortgage market involves some key players that play important roles in
the process. Here’s what investors should understand and what risks they take
when investing in the industry. WSJ’s Telis Demos explains. Photo: Getty
Images/Martin Barraud

Real-estate agents say constricting the loan limits would punish borrowers in
pricey markets where modest starter homes can fetch seven-figure prices.

In a 2021 housing survey, the California Association of Realtors found that
about one-quarter of the homes sold between $1.25 million and $2 million were
purchased by first-time home buyers. That figure was about 40% in the San
Francisco area, the group said.

“Shrinking the government’s role in the mortgage market will only hurt
first-time and low- and moderate-income home buyers,” said Dave Walsh, president
of the California Association of Realtors.

Write to Andrew Ackerman at andrew.ackerman@wsj.com



Copyright ©2021 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8

Appeared in the November 17, 2021, print edition as 'Fannie, Freddie Set to Back
Mortgages Near $1 Million.'




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