Ex-NFL star sentenced to five years in prison for mortgage fraud

Ex-NFL star sentenced to five years in prison for mortgage fraud

Irving Fryar and his mother convicted of conspiring to steal $1.2M

Experian hacked: 15 million people’s credit data stolen in breach

Credit reporting agency becomes latest victim of data breach

Here's what today's job creation implosion means for housing and mortgage finance

Jobs crater, labor participation rate near 40-year low and zero wage growth

Ginnie Mae: Eliminates VA Loan Limit, Will Securitize Jumbos

In a memo distributed a few days ago, Ginnie Mae said it will begin to securitize VA Jumbo loans with balances above the current $417,000 conforming loan limit. From the press statement:
Ginnie Mae is pleased to announce that it is eliminating the restriction on the size of mortgage loans guaranteed by the Department of Veterans Affairs (VA) that can be pooled in mortgage-backed securities guaranteed by Ginnie Mae. Effective with pools issued on or after September 1, 2007, Ginnie Mae will no longer limit the size of VA loans to the maximum original loan amount for conforming loans ... Ginnie Mae expects that this change will expand the availability of low-cost financing and increase homeownership opportunities for America's veterans and their families, particularly in high-cost areas.
In light of recent calls by many in the industry to lift Fannie and Freddie's portfolio caps and/or raise the conforming loan limit, this is certainly interesting news.

Recent Articles by Paul Jackson

Comments powered by Disqus