03.10.2011 - Big mortgages: Harder to get and more expensive
Starting Saturday, the beleaguered housing market will confront the latest hurdle to its recovery: The size of mortgages that the federal government can back will be drastically reduced in high-priced regions. When the bubble burst, mortgage banks had virtually stopped lending, except for government backed mortgages, which were capped at $417,000. Buyers of high-priced homes, mostly on the coasts, found themselves frozen out of the market, unable to get the bigger, "jumbo" loans that they needed..............................................Full Article: Source
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