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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: RealMuLan who wrote (76991)	3/28/2008 11:20:49 AM
From: RealMuLan	Read Replies (1) of 116555

New rules aren't providing attractive 'jumbo' loan rates in Silicon Valley By Mark Schwanhausser Mercury News Article Launched: 03/27/2008 07:23:13 PM PDT mercurynews.com Silicon Valley homeowners hoping to take advantage of new rules designed to slash interest rates on their hefty mortgages are learning that what looks good on paper doesn't always work in the real world. Nearly two months after Congress passed a stimulus package that changed the definition of a "conforming" loan to include amounts up to $729,750, interest rates on bigger loans remain stubbornly high and lending criteria remain tight. The upshot: Few homeowners have found relief from worries that their mortgages could stretch their budgets to the breaking point.

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