Does that mean someone has obtained a mortgage for that? (assuming it is not a cash heavy transaction). Seems improbable with the way jumbo market is cautious now.
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It wouldn’t surprise me if some of the banks that are about to be taken over by the FDIC (think Downey Savings) are going nuts with the mortgages right now. After all, what do they have to lose? If everything somehow miraculously works out, they would get to keep the profits on this mortgage. If not, the taxpayer bails them out. It’s a win-win.
