Good point Andy. I think FM’s conforming 1st mtg limit is $417K. This probably took them out of play to some extent on the 1st mtgs – how much, I don’t know. You could have a $417K conforming 1st (80% ltv) and a $104K 2nd (20%) for a total of $521K and FM would be able to purchase. FM very well may have more exposure on 2nds in Cali as their conforming cap for 2nds is $208K.
The “push-back” continues, Allan. It’s going to be an interesting ride.
