I just read two pages of the comments on the article. The general consensus seems to be that the higher conforming limits enacted in the last three years have only served to help those purchasing “McMansions” and/or properties in exclusive zip codes that these buyers would otherwise not qualify to purchase. Commenters from coast to coast and all walks of life are not sympathetic to buyers needing government-assisted mortgages to purchase in Monterey, CA. A few made fun of the “flight attendant” who obviously purchased a property in Monterey with a low downpayment for 10-14 times his annual salary. A few made fun of the (quoted) comment, “Why should I be penalized for living in an affluent area?” by stating words to the effect of, “You made that choice. No one forced you to.”
In general, folks from America’s midsection and the south are not amused that many homebuyers in coastal CA have stretched themselves to the brink.
