Local Realtors Fear End Of Government Assistance For High-End Mortgages

WHITE PLAINS, NY (WCBS 880) – Just when realtors thought things were getting better, the federal government plans to stop backing high-end mortgages, some as large as $730,000.

WCBS 880’s Catherine Cioffi: The Assistance Could End This Summer

Michael Graessle of the Westchester Putnam Association of Realtors says this is not good for Westchester County.

“The jumbo mortgages are being used in a significant number in Westchester,” he says.

Graessle says the higher-end communities will be hit the hardest, but it’s going to cause an overall slowdown in the market.

“It’s the ability to purchase that’s going to be impacted,” he says. “The higer-end homes, people will either have to come up with larger down payments, have stronger credit scores, or delay a purchase.”

The federally backed mortgages are set to come to an end at the end of the summer.

Comments

One Comment

  1. pugphan says:

    They never should have been backed in the first place!!! What they’re up to in Harlem is a crime. I was a RE signing agent, and I also agree, many saw this whole thing coming, it was only a matter of time. But nobody was going to listen to lowly notaries. After the crash in 1929 the Gov hired those responsible to write the SEC
    codes, the same should be done at this time. I’d go as far as saying we should also
    use Bernie as a consultant.

  2. pugphan says:

    They never should have been backed in the first place!!! What they’re up to in Harlem is a crime. I was a RE signing agent, and I also agree, many saw this whole thing coming, it was only a matter of time. But nobody was going to listen to lowly notaries. After the crash in 1929 the Gov hired those responsible to write the SEC
    codes, the same should be done at this time. I’d go as far as saying we should also
    use Bernie as a consultant. smokersodysseycom

  3. HARLEM GOING HAM says:

    THE GREEDY WALL GRAB BAG OVERSEERS AND THEIR CRIMINAL BANK ACCESSORS OVER-RATED THE VALUES OF PROPERTIES WITHIN THEIR REALTY FUNDS 4 TO 5 YRS AGO, AND NOW THE BOTTOM FELL OUT, THE PEOPLE WHO PURCHASED WILL BE CREAMED FOR SIGNING THOSE PAPERS. I’M A CONSTRUCTION PROFESSIONAL, AND I KNEW THOSE NUMBER FOR THOSE HOUSES THEY WERE SELLING WAS INFLATED. THERE SHOULD BE A LAW AGAINST INFLATING HOME PRICES WIHTOUT JUSTIFICATION.

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