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Loan Modification

: Mortgage Lender Implode-o-Meter

Banks Say Big Benefit to those Refinancing a Jumbo Conforming ?High Balance? Mortgage

By Implode-Explode Heavy Industries

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``With the Housing and Economic Recovery Act of 2008, the conforming loan limit was raised to $729,750 or 125% of the median home value within a metropolitan area, whichever is less. This rule has been extended through the end of 2010. Due to this change in conforming loan limit, banks are saying that there is a big benefit to those refinancing a jumbo conforming ?high balance? mortgage at today?s rates.'' -- Gotta love the "welfare for the rich" angle on this...

Full post as published by Mortgage Lender Implode-o-Meter on September 22, 2010 (boomark / email).

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