Posted by ZeeCA on 10/18/07 2:24pm
Msg #217165

The news just announced no more jumbo loans (over 417k)

so that means not one loan will be written in most of calif?

Reply by cassiewi on 10/18/07 2:31pm
Msg #217169

According to whom? I just don't see how that's possible

There are not many properties in certain areas that you can buy for less than that.

Reply by Philip Johnson on 10/18/07 2:47pm
Msg #217172

And your source for this is? n/m

Reply by asigner on 10/18/07 2:51pm
Msg #217173

Re: was it the motley fool

http://www.fool.com/investing/value/2007/08/21/quick-take-no-more-jumbo-loans-from-capital-one.aspx

Reply by dickb/wi on 10/18/07 3:22pm
Msg #217183

that's only one bank..... n/m

Reply by asigner on 10/18/07 3:45pm
Msg #217188

then there is this

I dont see anything else:

http://www.msnbc.msn.com/id/20491350/

"To some degree the change is due to difficulty getting financing, as borrowers are finding fewer lenders willing or able to fund "jumbo" mortgages, loans for amounts greater than $417,000. Such loans are too big to be guaranteed by government-sponsored housing finance agencies Fannie Mae, Freddie Mac or Ginnie Mae
Banks until recently were able to offload the risk of many jumbo mortgages by selling the loans to investors. But now, as investors burned by the subprime debacle have become extremely picky about what they will buy, banks are having to keep more of these loans on their own books and as a result are charging higher rates.

Some lenders _ such as Countrywide Financial Corp. _ have made a point of saying they're now most focused on making loans that can be guaranteed by Fannie and Freddie."

Reply by Charles_Ca on 10/18/07 4:03pm
Msg #217190

They may be focused on conforming

loans but I have no problem placing Jumbos, of course I deal primarily in "A" paper and if you have a good credit rating you can pretty much have whatever you want. I never liked all these "interesting" vairables in loans, I have a hard time selling something I would not use myself. Those fancy "financial products" are lousy in the long run and I'm here for the long run.