[ml/nj]

And if you had a fixed rate loan and it was within the GSE limits, your loan was sold to the GSEs so your lender could get their money back to go out and make more loans.

Obviously the government could come along and by my $100,000 loan for $150,000 and the lender would happily sell. I guess my question for you based upon your original assertion was: would I otherwise have been unable to obtain my loan at or about the same (absurd) rate I paid then.

Now, BTW, I just refinanced this week. I didn't have a mortgage last time, and I don't have one now. It's just a "home equity" loan. Every month the bank just takes the payment out of my checking account. Is this being made to be resold too?

ML/NJ

[RockinRight]

Most home equity loans, AFAIK, are in fact “old fashioned” portfolio loans, I.e., lent straight off deposit funds and serviced and owned by the bank.