JPMorgan joins ranks of banks securitizing jumbo mortgages

JPMorgan Chase is packaging more than 400 loans with an average down payment of 29 percent and average credit score of 761 into a mortgage-backed security (MBS) that it will sell to private investors, according to the news outlet.

The secondary market for jumbo loans — loans whose size exceeds Fannie and Freddie’s loan limits — showed signs of life in 2013, with $12 billion worth of mortgages securitized as of September, up from $3.5 billion in all of 2012

Source: HousingWire