Where O where have the Jumbo loans gone?

This is a question the Obama administration, Barney Frank and Tim Geitner should be asking themselves, before the next shoe drops! In the past, it was as easy to get a Jumbo loan as it was to get a conforming loan. Now, there are fewer lenders doing these loans and the process is ten times as difficult. The pricing on these loans is so far out of whack that it is unfair to the consumer. This is the stuff that the big banks are selling.
It is amazing to me how the whole market is being controlled by these big banks and what they want to do. The market should be controlled by the people and the consumers. If we leave things status quo, which we have been doing, don’t call and complain when the values of your million dollar homes continue to fall. This is the reason the big banks are choking the Jumbo market and making it difficult for people to refinance or even buy.
Now, with the start of HVCC, the log jam and depreciation is on its way and faster in the higher end if we don’t do something now. What can be done you ask? Complain to your administration or congressman. Tell them that they need to get their eye back on the ball. This can be solved if we attack it head on. How can this be accomplished by freeing up money to be lent in this market place? There should be some kind of FHA program for the Jumbo market place. If this does not happen, mark my words, this could be the next shoe to drop.
Fortunately, for Samuel Scott we have searched out relationships in the Jumbo marketplace to continue to offer programs to our clients. The downside is that, with little competition, these lenders take their time and cherry pick the files they want. Back in the day, we could close these loans in a week. Now, it takes 30 days just to get an approval and clients become angry and frustrated because they are used to the past. Again, I suggest letting your administration know that you have a voice. We should get this changed.
The stock market also rebounded this week based on words from Ken Lewis. Bank of America and Citibank are both saying they are profitable. Mark my words, this is going to come back and haunt these two banks. They are very nervous about becoming nationalized and they have to say something to keep the wolves at bay. Go back in time and re-read the testimony from George Bush, Barney Frank and Bernie Madoff. These people have all mislead us to serve their own agenda. This is the same speech, different day. Again, speak up to make a change. Don’t go to these big banks for anything, not your mortgage, car loan or savings account. This will teach them to tell the truth and do the right thing.
Break the cycle and give Samuel Scott Financial Group a try. I am sure you will very happy. Mark and I are always available to you, your family and friends, 858 259-6070