Brad Garbutt

REALTOR®, Associate Broker

Since 1983, I have helped thousands of families and individuals buy and sell homes in Redding/Shasta County. The only thing that exceeds my experience is my commitment to you because whether you're buying or selling a home, your satisfaction is my number one goal. My commitment to you includes implementing the latest real estate technology and resources to effectively market and sell your property. When you're ready to buy or sell a home and you want exceptional service, call me!

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B of A To Offer More Jumbo Loans

HOME LOANS, INDUSTRY NEWS, TIPS FOR BUYERS, TIPS FOR SELLERS
March 30th, 2009

Bank of America has reviewed their balance sheets and decided to allocate more funds for originating jumbo loans. Jumbo loans generally range over $417,000 and can start at $729,750 in high cost areas. This is good news for borrowers seeking loans or refinances of expensive homes.

To handle the demand, the bank has added 3,000 employees to its loan origination unit, 500 from the home-equity division and 1000 new hires. B of A hopes to tap “mass-affluent” customers form Merrill Lynch as it integrates that company into its operations.

Barbara Desoer, head of the banks mortgage, home-equity and insurance services department also stated the “bank’s purchae of Countrywide Financial Corp was paying off” according to the Reuters News article.  She went on to say “volume is good, application quality is holding up and the acquisition of Countrywide is really paying off for us with additional capacity.”

I wonder how they are handling all that toxic mortgage paper they inherited when they bought Countrywide and Merrill Lynch? More bailout money anyone?

bradgreps@yahoo.com

530-224-6767 or 530-941-7492

BRAD GARBUTT

REALTOR/BROKER ASSOCIATE

REAL ESTATE PROFESSIONALS GMAC

QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE

This entry was posted on Monday, March 30th, 2009 at 12:57 pm and is filed under HOME LOANS, INDUSTRY NEWS, TIPS FOR BUYERS, TIPS FOR SELLERS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. John Edwards said at October 10th, 2009 at 6:13 am

    Very timely and informative on jumbo mortgages. Thanks for sharing this.

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