March 17, 2008

Now Accepting Jumbo-Conforming Loans Submissions At Countrywide

From a broker update passed along by a plugged-in tipster:

Countrywide, America's Wholesale Lender will begin accepting loan submissions under the temporary "jumbo conforming" loan limit increases of the Economic Stimulus Package on Monday, March 17, 2008.

Yes, that’s today.

UPDATE: From Julian Hebron at RPM Mortgage: "Major lenders like Chase, Wells, WAMU, and Countrywide have announced pricing on super conforming 30yr fixed loans above $417k this morning, and so far rates are very close to jumbo loans. The higher pricing is probably to keep pipelines from getting jammed up in case FNMA runs into trouble purchasing these loans. FNMA guidelines for super conforming are tight, similar or tighter in some cases than existing jumbo guidelines, and far tighter than FNMA guidelines for conforming loans up to $417k."

If The Plugged-In Readers Are Right, Jumbo-Conformings Are Here [SocketSite]

First Published: March 17, 2008 8:51 AM

Comments from "Plugged In" Readers

Cool, and now that I'm back from vacation I can procede with my transaction. I'll have my broker cash in my Bear Stearns stock and... wait, I think I still have a problem here.

Posted by: snark at March 17, 2008 9:22 AM

its ok snark. just put everything you have left from BSC on margin/long with GOOG at 420, and you'll have your downpayment in no time :) :) :)

Posted by: mrbogue at March 17, 2008 9:58 AM

But, but... Nancy Pelosi promised me that, with these loans, the era of cheap and easy money, given to anyone with a pulse, would continue, so that I wouldn't have to lower the price of my home for sale.

Now what am I going to do?

Posted by: tipster at March 17, 2008 1:04 PM

That isn't what Nancy Pelosi said, tipster, nor was any of this framed by her as a promise.

Posted by: Mole Man at March 17, 2008 3:47 PM

Predictably, the next step in this process is to allow Fannie and Freddie to actually buy enough of the mortgages to drive down the rates (i.e., force banks to pass along the Fed rate cuts to consumers).

From the Wall Street Journal:

"Government officials are moving forward with a potential deal that could allow Fannie Mae and Freddie Mac to increase their support for the mortgage market by buying and guaranteeing more home loans. An announcement could come as soon as this week.

The Office of Federal Housing Enterprise Oversight is close to reducing, but not completely removing, an excess capital requirement it has in place at both firms, people familiar with the matter said."

Posted by: anono at March 17, 2008 4:15 PM

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