Now that the Fannie Mae/Freddie Mac loan limit has been whittled down to $625,500 a ton of private sector conduits have entered the market to make it easier for wealthier clients to get a jumbo mortgage. Congress is happy because the "de-risking" of the GSEs has begun. Okay, I'm teasing you, of course. We continue to hear stories about well heeled jumbo borrowers who can't get the terms they desire. Here's one from a New Jersey loan officer: "I had a guy call me yesterday. He wanted to sell his $800k house and move up to a $2.6 million one. He earns $2 million a year and has $2.2 million in savings. And he can't get the mortgage he wants." And the beat goes on…
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