Freddie Mac has announced it is prepared to commit up to $15 bln to help stimulate the market for the newly-introduced "jumbo comforming" loans.
A conforming loan previously had to be below $427,500 to qualify as a conforming loan, and benefit from the securitization process with Freddie Mac or Fannie Mae. But, regulators have temporarily (for 2008) boosted that the conforming loan limit to $729,500 to help ease the pain in 71 high-cost markets. But, despite this being in place for a month now, there has not been a lot of interest from investors for these products. As such, Freddie Mac is indicating they will now buy these securities for their own portfolio.
Freddie Mac is partnering with four lenders -- Chase , WaMu, Wells Fargo, and Citi -- which have all signed fixed-price arrangements, to help develop the market. If shopping around for a refinance or new loan, these firms could be offering the best rate, given that the difference between conforming and jumbo rates can easily be 50-100 basis points right now.
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