New Rules on Morgages Hit High-End Houses

Written by Gary North on December 20, 2011

The rich just got less rich. The jumbo loan limit at Fannie Mae and Freddie Mac was dropped to $625,500 from $729,750. (Where do the bureaucrats get these precise numbers?) This means that rich people who want to buy homes from other rick people have to come up with larger down payments. This pressures sellers […]

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