Senate Votes To Extend Higher Mortgage Limits

Washington, DC, Oct. 21, 2011 — The U.S. Senate has voted to continue higher limits on federally backed mortgage loans for two more years.

The vote late Thursday meant that through 2013, the government would continue to insure mortgages worth as much as $729,750 in high-priced housing markets. The limits had expired on Oct. 1, dropping that ceiling to $625,000.

The House has not acted on the issue.