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SuperBreakout
Joined: 28 Jul 2007 Posts: 11
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admin Site Admin
Joined: 14 Jul 2005 Posts: 1826 Location: Greater Boston
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john p
Joined: 10 Mar 2006 Posts: 1820
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Posted: Wed Aug 08, 2007 3:12 pm GMT Post subject: |
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Don't you guys think that the $417k number ought to be thought about? $417k in Florida is different from $417 in Boston. |
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admin Site Admin
Joined: 14 Jul 2005 Posts: 1826 Location: Greater Boston
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Posted: Wed Aug 08, 2007 3:25 pm GMT Post subject: |
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john p wrote: | Don't you guys think that the $417k number ought to be thought about? $417k in Florida is different from $417 in Boston. |
If I remember correctly, this was one of the changes that would have been made by a bill that was working its way through Congress a few months ago. I believe the change would have made the limit a function of local prices, though I don't remember the specifics. However, I think that the main focus of the bill was to change the rules so that Fannie Mae and Freddie Mac could "compete" with all the recent lending "innovations" from subprime/Alt-A lenders by doing away with pesky things like the need for a down payment. (I'm regurgitating all of this from memory, so I could be wrong on the details.) So while making the limit more local probably would have been a good thing, it was mixed in there with some pretty bad ideas. I don't know what became of the bill, whether it passed or not.
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