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U.S. Government to Backstop Mortgages Above $1 Million in High-Cost Areas
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wsj.comWASHINGTON—The federal government is about to backstop mortgages of more than $1 million for the first time in high-cost markets, such as parts of California and New York.
The increase reflects the rapid appreciation in home prices over the past few years, even as the mortgage market has recently cooled.
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