It’s a done deal that the Federal Housing Finance Agency will make “across the board” reductions in Fannie Mae and Freddie Mac loan limits that will take effect in May 2014, but factions in the housing and mortgage industries are already drafting contingency plans if the cuts are too deep. “I would say if they are significantly – 5 to 10 percent – reduced, then you will see new legislation,” said one industry lobbyist who’s been tracking the issue for well over a year. In other words, if the national loan limit falls...