Greedy Mortgage Bankers Beg For More
The U.S. Mortgage Bankers Association plans to ask to increase the limit for Fannie Mae and Freddie Mac purchases or guarantees of single-family mortgages to $625,500 to bolster the housing market.
"It will be stimulative," Garry Cipponeri, senior vice president of Chase Home Finance LLC in Iselin, New Jersey, and head of the mortgage bankers' capital markets committee.
"This market needs liquidity." A higher limit guaranteed by the government agencies is needed to spur lending in the most expensive housing markets, such as California and New York, Cipponeri said.
The availability of mortgages above $417,000, known as non-conforming loans, "has gotten worse" amid a tightening of credit standards, he said.
Congress approved raising the limit temporarily to $729,500. That increase expires at the end of the year.
The Nattering One muses: What are these hoople heads thinking? More liquidity is not needed, more common sense is.
Stop trying to artificially prop up unjustified prices...
Jumbo loan availability has gotten worse not because of loan limits, but because only worthy borrowers may obtain them, and there are very few out there.
The Mortgage Brokers and their realtor fiends, who along with the banks and stupid borrowers got us all into this mess...
don't care about risk mitigation, just like a pimp, these greedy bastards only care about one thing, their commission.
Lets give them all one, a commission in the military to serve in Iraq... sounds like a better solution than...
what do you call 10,000 realtors, stock and loan brokers at the bottom of the ocean? A good start...
"It will be stimulative," Garry Cipponeri, senior vice president of Chase Home Finance LLC in Iselin, New Jersey, and head of the mortgage bankers' capital markets committee.
"This market needs liquidity." A higher limit guaranteed by the government agencies is needed to spur lending in the most expensive housing markets, such as California and New York, Cipponeri said.
The availability of mortgages above $417,000, known as non-conforming loans, "has gotten worse" amid a tightening of credit standards, he said.
Congress approved raising the limit temporarily to $729,500. That increase expires at the end of the year.
The Nattering One muses: What are these hoople heads thinking? More liquidity is not needed, more common sense is.
Stop trying to artificially prop up unjustified prices...
Jumbo loan availability has gotten worse not because of loan limits, but because only worthy borrowers may obtain them, and there are very few out there.
The Mortgage Brokers and their realtor fiends, who along with the banks and stupid borrowers got us all into this mess...
don't care about risk mitigation, just like a pimp, these greedy bastards only care about one thing, their commission.
Lets give them all one, a commission in the military to serve in Iraq... sounds like a better solution than...
what do you call 10,000 realtors, stock and loan brokers at the bottom of the ocean? A good start...
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