JPMorgan joins ranks of banks securitizing jumbo mortgages

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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