Free Republic

“They’re pulling themselves out of the market to regroup,” is what one of my mortgage broker buddies told me on the phone this morning when I asked how in the heck Wells Fargo Wells Fargo & CoWFC could raise rates on a 30-year jumbo fixed rate mortgage from 6 7/8% to 8% overnight. A jumbo is anything over $417,000, and given today’s home prices, that’s going to hit an awful lot of borrowers. So, since Bank of America Bank of America CorpBAC and others are still at the old rate, no borrower in their right mind would go to Wells...