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August 12, 2009
Astoria Federal Jumbo Mortgages
I noticed recently that Astoria Federal has capped their jumbo loans at $1.5m, down from $2.5m. They had been one of the few banks in the area making jumbos, albeit at conservative LTVs (50-55%). Anyone know what's going on in the jumbo market? Doesn't look like they're feeling the love from the nascent economic recovery.
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I have a jumbo loan with Astoria Federal, however WAY below 1.5million
When I called a few months ago to refi - they were TOTAL sticklers about everything. They also aren't giving out new HELOC loans either.
The sense I get from Astoria is that because they are a local bank who actually keeps most of their mortgages inhouse and doesn't sell them off as derivatives they don't try to engage in risky loan practices.So it doesn't surprise me that Astoria has now capped their jumbo loans to 1.5mil.
Posted by: gemini10 at August 12, 2009 3:23 PM
"Doesn't look like they're feeling the love from the nascent economic recovery."
Because there is no love. Only hate. The "nascent economic recovery" is pure pump and dump by the FED. The upcoming crash in commercial real estate will accelerate the decline in home prices. Rather than refi, you should sell (just take the highest qualified offer) since we're only down 21%. You'll see.
***Bid half off peak comps***
Posted by: Brownstones Half Off at August 12, 2009 11:10 PM
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