At the moment, the market for existing homes is partly frozen because people who have 3 percent mortgage loans don’t want to give them up for 7 percent loans on new homes.
Making mortgages portable sounds unrealistic.
After all, mortgages are tied by contract to particular pieces of property.
“We’re getting this question a lot, even from our own members,” Mike Fratantoni, the group’s chief economist, told me.
Nevertheless, he said he couldn’t imagine that owners of securitized loans would go along with the idea.
Persons:
Fannie Mae, Freddie Mac, “ We’re, ” Mike Fratantoni, there’s
Organizations:
Federal Housing Finance Agency, Mortgage Bankers Association