Terminator Asks for Fannie Loan Amount Exception for CA

Hat tip to our friend Keith at Housing Panic, and you should be reading Realty Check by CNBC's Diana Orlick, its a great blog. The Terminator, California Gov. Arnold Schwarzenegger sent a letter to Congress requesting an exception for California from the Fannie Mae and Freddie Mac federally-mandated loan limits. The current loan limit for conforming loans is $417,000 in California. Schawarzenegger argues that California has market conditions similar to high-cost states such as Hawaii (whose loan limit is 50% higher than the remaining states). You could've seen this coming as the Governor put it in his letter: ?The current GSE conforming loan limit for lenders willing to originate conforming mortgage loans for median-priced homes in California is $417,000; however, according to the Califo