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May 01, 2008
The Road to a Jumbo Mortgage Was Supposed to Get Easier

A brilliant article that answers the question, why haven’t jumbo rates dropped as promised....
In early February, Congress gave beleaguered mortgage borrowers a rare cause for celebration. As part of the economic stimulus package, it passed rules intended to make it easier and less expensive for people to take out hefty loans in the nation’s costliest housing markets.
Economists and legislators said that helping tens of thousands of borrowers take out billions of dollars in new loans could stanch the bleeding in the housing market, spur spending and reduce the pain of a likely recession.
Instead, the effort to make it easier to get jumbo mortgages — loans over $417,000 — has yielded frustration and disillusionment.
Posted by Jeff Brooks on May 1, 2008 06:46 AM | Permalink
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