Related Financial Service Programs – The following lists of companies and financial service providers offer services to assist you with handling your bills. Combine your debt into a debt consolidation loan or use a debt counseling or debt relief program for help with lowering your payments and getting your credit card bills and other obligations under control.
- Debt Settlement Program – Too many bills? List of companies providing this bankruptcy alternative that provides for negotiation of debt and arbitration services for those that need to eliminate their bills.
- Debt Management – Having trouble keeping up with your monthly credit card payments? Compare companies in this online list that can help you get a grip on your personal finances.
- Debt Consolidation – Learn more on how consolidating debts can work for you and compare a detailed company list of lenders and related service providers offering help to people that need to consolidate their bills.
- Personal Loan Rates – Shopping for a personal loan for debt consolidation? These types of loans often do not require collateral and are available to homeowners, as well as non-homeowners.
A jumbo loan is a mortgage loan over $322,700. The significance of this cutoff is that mortgages above this dollar amount do not conform to Fannie Mae or Freddie Mac guidelines; therefore, these organizations cannot be used to securitize and sell the loan to investors. Fannie Mae and Freddie Mac are government sponsored entities that add to the stability of the mortgage market by ensuring that banks always have an opportunity to exchange their mortgages when needed for cash. This prevents banks from having large amounts of long term loans in their portfolios and allows them to ensure that they can always redeem their assets for cash, thus aiding bank stability. Basically Fannie Mae and Freddie Mac ensure that there is always a market for mortgages as they, together with large money center banks, aggregate thousands of mortgages together and sell tiny pieces of those mortgages to investors. Additionally, Fannie Mae and Freddie Mac are themselves holders of tremendous amounts of such securitized debt, allowing them to essentially play the role of a market maker if needed. A jumbo loan is a non-conforming loan that does not meet their guidelines and therefore a bank cannot seek their assistance in packaging and securitizing the mortgage to be sold in the secondary market. A smaller bank must sell the mortgage individually or in a small group to a money center bank which will then securitize the loans without the aid of Fannie Mae or Freddie Mac or hold the loans in its own portfolio.