It would be interesting to know how the definition of "conforming loan" (i.e., mortgages which conform to certain standards and requirements in order to be eligible to be purchased by Fannie, Freddie, Federal Home Loan Bank, Farmer Mac and other GSEs) may have changed over the last twelve-fifteen years.
For instance, currently the FHFA's maximum conforming loan size for a single family unit is $417,000, except for about 60 or 70
"Metropolitan Statistical Areas, Micropolitan Statistical Areas and Rural Counties" in the Continental United States, Alaska, Hawaii, Guam and U.S. Virgin Islands,where maximum conforming loan limits for mortgages acquired in 2014 by FHFA agencies may exceed $417,000, and go up to $625,500. ( http://www.fhfa.gov/Default.aspx?Page=185 )
In "Alice in Wonderland" isn't there a line from the Queen about words meaning what she wants them to mean?
Del
----- Original Message -----From: Normand ArsenaultSent: Tuesday, February 18, 2014 11:32 AMSubject: RE: [MFP] RE: The Equal Credit Opportunity Act / USA
For your information:
WELLS FARGO EDGES BACK INTO SUBPRIME AS US MORTGAGE MARKET THAWS
CNBC News - 14 Feb 2014
http://www.cnbc.com/id/101417200
WELLS FARGO EDGES BACK INTO SUBPRIME AS U.S. MORTGAGE MARKET THAWS
REUTERS - 14 Feb 2014
http://www.reuters.com/article/2014/02/14/us-banks-subprime-insight-idUSBREA1D07820140214
Subprime lending is back in the US. To avoid the taint associated with the word "subprime," lenders are calling their loans "another chance mortgages" or "alternative mortgage programs."
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