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Jumbo Mortgage Defaults Soar

Banks and investors brace for a new wave of defaults as jumbo loans default

By Jim O'Neill, Newser User

Posted Jan 28, 2009 8:33 AM CST

(Newser) – Jumbo mortgages are now going south at an alarming rate, reports the Wall Street Journal, as affluent Americans face mounting layoffs and see their stock portfolios shrivel. Nearly 7% of prime jumbo loans—which average $750,000—were at least 90 days delinquent at the... Read full story »

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Jumbo Mortgage Defaults Soar

Banks and investors brace for a new wave of defaults as jumbo loans default

mortgage delinquency • JPMorgan Chase • financial crisis • Jamie Dimon • jumbo mortgages • foreclosures

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More Newser Stories

JPMorgan CEO Dimon: We Were 'Dead Wrong'

Jamie Dimon apologizes for bank's 'stupid' behavior in $2B loss

Crisis Probe Bares Fools' Guilt-Free Fantasy

Deregulation, greed made crash inevitable

Bloggers on JPMorgan Chase CEO Replacing Geithner: Nah

Jamie Dimon not in tune with Obama, too invested in big banks

Foreclosures Rose 24% in First Quarter

Rate expected to rise through the summer

Mortgage Plan Relies on Incentives, Lacks Muscle

Proposal does does little to address securitized mortgages

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