FHA Director Mel Watt said Tuesday he won’t force the loan giants, who together account for about 60% of new mortgages, to reduce loan limits to avoid doing anything that might hurt the slow but steady recovery of the housing market. With rates and prices going up it is getting hard enough for some buyers, particularly first timers and those with defaults in the past to get a loan – no need to make it harder. Watt said his main goal for the agency under his command will be to “operate in a safe and sound manner.”
