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US government-sponsored Freddie Mac agreed last week to purchase billions of dollars of new conforming jumbo mortgages with original loan amounts of up to US$729,750 ($782,000) to boost the frozen jumbo mortgage market.
The announcement marks the first large-scale effort to jumpstart the market under the Economic Stimulus Act, which temporarily raises Freddie Mac’s conforming loan limit until December 2008.
Freddie Mac’s purchases will give instant liquidity to the participating institutions – Wells Fargo, Chase, CitiMortgage and WaMu – and offer a stable jumbo rate to borrowers in high-cost markets.
Published: 21-04-08
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