The low-down on high down payments

Re: 'The Obama plan: Goldilocks, Fannie, Freddie and FHA' (Feb. 15)

Dear Editor:

I agree. With this, the 30-year fixed-rate mortgage is in jeopardy. Rates will go up, and so will the down payments. At the same time, warehouse lines of many banks are insufficient to fund new deals. People are waiting for months to get funded. This is what we will have to deal with for the next couple of years.   

Jacob Shayovitz
Chairman
Approved Funding Mortgage Bankers
Brooklyn, N.Y.

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