Jumbo Loans Mean Most of the Help will go to Middle and Upper Income Borrowers.
The economic rescue plan that passed the U.S. Congress on Thursday and awaits President Bush’s signature are middle- to upper-income Americans who can refinance their jumbo home loans at cheaper rates.
The stimulus package temporarily raises the maximum size of mortgages that Fannie Mae and Freddie Mac can purchase and market as securities from $417,000 to as high as $729,750 in expensive parts of the country like New York City and California.
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