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Jumbo Loans Coming With Jumbo Price Tag
http://housingdoom.com/ 2008/ 05/ 13/ jumbo-loans-jumbo-price-tags/
In spite of government efforts to make jumbo loans more affordable, prices remain high- and Barney Frank wants to know why: Capitol Hill's most influential legislator on housing issues says Wall Street and the mortgage lending industry are needlessly overpricing "jumbo" loans designed to help borrowers in areas with high home costs. Barney Frank, chairman of the House Financial Services committee and chief author of legislation that raised the maximum mortgage limits of Fannie Mae, Freddie Mac and FHA to $729,750 through the end of the year, plans to haul officials of major mortgage firms before Congress next week to explain why interest rates and fees for new jumbo loans are so high.
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Housing/Subprime/Credit Roundup — May 13, 2008
http://johnsville.blogspot.com/2008/05/housingsubprimecredit...Items of Interest: CNN Money: Home prices continue sharp descent -- Steep drops in West. Heartland prices stabilize. Bottom line: 7.7% decline in first quarter. Single-family home prices dropped 7.7% in the first quarter in the largest year-over-year decline since the National Association of Realtors began reporting prices in 1982. The median sales price fell to $196,300, down 4.8% compared
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