March 9, 2008
"What was so shocking is not that there was a housing-market correction," said Gary Painter, director of research at the Lusk Center for Real Estate Development at USC. "What was so shocking is the whole secondary market for the jumbo sector - even for top-quality credit - just disappeared.
"So certainly there is hope that being able to sell these mortgages to the Fannie Maes and the Freddie Macs will bring liquidity, so people who do qualify will be able to enter the market."