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High Cost Mortgages Just Got Cheaper
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Sheriff
Admin
3807 posts
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 posted 3/7/2008 12:04:08 PM
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Feds just figured that this housing market is not going anywhere, so they need to help moving more expensive houses. Here's the news:
High Cost Mortgages Just Got Cheaper, on money.cnn.com
Basically, loan amounts that qualify as "Jumbo" loans were increased. It is loans that are considered large, they also carry extra load (in % points). The amounts were increased, article above has new limits.
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Serega13
Moderator
1198 posts
author
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posted 3/7/2008 1:21:18 PM
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It's all a big scam because "pre-jumbo" loans can be purchased by government insured Freddie Mac and Fannie Mae which were originally government sponsored organizations but have since become private and somehow still provide government insured mortgages. In other words, when all the overbloated house prices collapse even further causing more and more foreclosures and reposessions and even further price drops, Freddie Mac and Fannie Mae will be able to cover their losses by using taxpayers money. Perfect scam! 
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