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Shrode
Cherry Bomb


Joined: 11 Jan 2008
Posts: 164
Location: San Diego

Changing Conforming Maximum??
PostPosted: Mon Jan 21, 2008 6:05 pm Reply with quoteBack to top

Okay, this has been in the wind for months. Does anyone have any information about where we are with conforming rates being raised? I would sure hurt my (rapidly failing) business if we could get a nice bounce to about $600K in So. Cal.

Can I get an Amen??


s

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IE_OpsMgr
Cherry Bomb


Joined: 04 Jan 2008
Posts: 175
Location: Inland Empire CA

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 6:33 am Reply with quoteBack to top

Quote:
Fannie Mae today announced that its 2008 conforming loan limits would remain at the limits set in 2006 and 2007, as determined by the Office of Federal Housing Enterprise Oversight (OFHEO).


Google fnma... looks like they're not budging on loan limits

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angryvoodoo
Demolition Man


Joined: 20 Nov 2007
Posts: 2110
Location: ny

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 12:42 pm Reply with quoteBack to top

barely have a stomach for 417 on 1 units... imagine the carnage...

if counties go to 100% ill be happy!

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Shrode
Cherry Bomb


Joined: 11 Jan 2008
Posts: 164
Location: San Diego

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 8:03 pm Reply with quoteBack to top

IE_OpsMgr wrote:
Quote:
Fannie Mae today announced that its 2008 conforming loan limits would remain at the limits set in 2006 and 2007, as determined by the Office of Federal Housing Enterprise Oversight (OFHEO).


Google fnma... looks like they're not budging on loan limits


Okay, now THAT sucks.

s

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Rotag
Wrecking crew


Joined: 01 Nov 2007
Posts: 1722

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 8:57 pm Reply with quoteBack to top

Paulson clearly hinted at it this morning during his speech at the US chamber of commerce meeting.

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buyerbeware
Schumpeter Reincarnate


Joined: 08 Aug 2007
Posts: 3326
Location: minneapolis

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 9:07 pm Reply with quoteBack to top

Rotag wrote:
Paulson clearly hinted at it this morning during his speech at the US chamber of commerce meeting.


was he hinting at raising (or erasing) the conforming limit or the GSE's lending caps? I heard that too but he did not elaborate. Both Freddie and Fannie have been reluctant to lift the conforming threshold and I think they are right.

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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 9:15 pm Reply with quoteBack to top

I applaud you both for even trying to understand him with all that incoherent studdering
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billddrummer
Nitroglycerin


Joined: 06 Aug 2007
Posts: 792
Location: Reno, NV

Re: Changing Conforming Maximum??
PostPosted: Tue Jan 22, 2008 9:51 pm Reply with quoteBack to top

buyerbeware wrote:
Rotag wrote:
Paulson clearly hinted at it this morning during his speech at the US chamber of commerce meeting.


was he hinting at raising (or erasing) the conforming limit or the GSE's lending caps? I heard that too but he did not elaborate. Both Freddie and Fannie have been reluctant to lift the conforming threshold and I think they are right.


Raising the conforming loan limits would artificially slow the reset of home prices in high cost areas. Better to let prices drop to affordability for that area, than to continue with the fiction of current market prices.

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Genesis
Flash in the pan


Joined: 20 Jun 2007
Posts: 89

Re: Changing Conforming Maximum??
PostPosted: Sat Jan 26, 2008 11:32 pm Reply with quoteBack to top

No it won't.

What it WILL do is raise the cost of money for all conforming loans by 75-100 bips - that is, it will make all conforming loans price like jumbos.

Don't be an idiot - this is the worst idea out of all of them.

Fannie and Freddie don't set rates - the bond market does, and if you pollute their pool the price will go up to match the worst possible outcome.
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Ysp2Brkr
Cherry Bomb


Joined: 10 Dec 2007
Posts: 167

Re: Changing Conforming Maximum??
PostPosted: Sun Jan 27, 2008 12:23 am Reply with quoteBack to top

billddrummer wrote:
buyerbeware wrote:
Rotag wrote:
Paulson clearly hinted at it this morning during his speech at the US chamber of commerce meeting.


was he hinting at raising (or erasing) the conforming limit or the GSE's lending caps? I heard that too but he did not elaborate. Both Freddie and Fannie have been reluctant to lift the conforming threshold and I think they are right.


Raising the conforming loan limits would artificially slow the reset of home prices in high cost areas. Better to let prices drop to affordability for that area, than to continue with the fiction of current market prices.


If the borrower's have to qualify full doc, and not with the reduced stuff that they currently buy, the housing prices would settle at what's affordable based on the HUD AMI.
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