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Mon Dec 31st 21:05 PM | Rating: 0 0
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Countrywide's Call For Increased Mortgage Limits Must Be Ignored

This is ridiculous. You establish no link - just two unrelated facts. And the fact of the matter is it was non Fannie and Freddie loans, priced at rates just over the government loans, but with far riskier underwriting criteria, that created the credit problem. How many 80% LTV loans do you hear going bust (government limits)? Minimal. It was 95% and 100% LTV paper that is non-performing. Clearly, it is not a FNMA issue, rather the non-governmental loans that creates the problem. Thus, my question is what is the risk of the government programs, with the toughest underwriting criteria and LTV limits of 80%, making loans up to $800K - which is California is middle class? The alternative is for customers to pay far higher interest rates in a non-liquid mortgage market.
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