How has the housing stimulus package helped the housing market? It hasn't. Most lenders I speak to aren't even being asked about it and it hasn't impacted any of the agents or clients in my office.
Regardless of it's being signed and passed, the stimulus package hasn't loosened ever tightening loan standards nor made it any easier to obtain a 'jumbo loan' (those over 417k and up to 729k in Seattle).
Those types of loans are still hard to come by and carry up to a point (and more) higher in interest.
Representative Barney Frank D-Mass, head of the House Financial Services Committee, will hold a special hearing later this month to discuss/determine WHY the housing stimulus package hasn't positively impacted the jumbo loan market.
They seem legitimately surprised that their actions haven't done anything. The market continues to slide in direct response to people's inability to obtain mortgages and buyer's have to be wondering what's taking them so long to realize things are getting progressively worse?
Comments