Better get that big home sold ASAP or find a buyer with cash. This will all but kill the high end market until prices are down further and supply has hit demand:
http://www.nytimes.com/2011/05/11/business/11housing.html?nl=todaysheadlines&emc=tha2
At the end of the day it is correct to do that. And actually the government should (and will) get out of the mortgage business completely.
There are mortgages by the US Department of Agriculture... PLEASE....
With the government and with the taxpayer withdrawing from mortgages, expect higher interest rates, tougher qualification requirements and higher down payments. After all, private money is taking over and would you lend somebody 300K for 30 years for 4.5% with 3.5% down??
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