Jumbo Mortgage Troubles
You have to love this article on how defaults are increasing on Jumbos. The 3 banks that did the most jumbos were Chase, Wells Fargo, and Bank of America. Chase’s CEO James Dimon states “We were wrong. We obviously wish we hadn’t done it.”
A jumbo mortgage is a loan amount greater than the conforming loan limits for Fannie Mae and Freddie Mac of $417,000.