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The mortgage industry calls them "jumbo" loans: those above the $417,000 limit for mortgages which Fannie Mae and Freddie Mac can purchase. Congress is now debating raising that limit to $729,750, which may, in theory, lower the interest rates paid on such large loans. In most of the country, that must seem like an extravagant sum. In Silicon Valley, that's merely the price of a typical house.
We're from the government and we're here to help you refinance
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7:00 AM on Thu Feb 7 2008
By Owen Thomas
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