Industry professionals lobby for government to purchase jumbo loans

The National Association of Realtors is lobbying the federal government to purchase mortgage-backed securities for jumbo loans. These loans, which exceed the conforming loan limits of $417,000 in most parts of the U.S. and $729,750 in some of the country’s most expensive housing markets, do not currently qualify for Fannie Mae or Freddie Mac backing. There is now a 41-month supply of homes priced above $750,000, compared to a 19-month supply in 2007, according to NAR data released this week.