From Wells Fargo:
At Risk Markets Policy Changes
The following changes to the At Risk Markets policy will be effective for loans registered on or after Feb. 29, 2008:
− Soft markets will now be limited to the lesser of 85% or the product/program limit.
− Investment properties, second homes and cash-out refinance transactions will now be subject to a 5%
reduction from maximum financing in Soft markets in addition to current policy.
− Primary residence purchases will now be subject to a 5% reduction from maximum financing in Soft,
Distressed and Severely Distressed markets
− Use of Enhanced Standards to waive LTV/CLTV reductions in At Risk Markets has been eliminated.