Bloomberg:JPMorgan, Citigroup Expand in ‘Jumbo’ Home Mortgages

I was waitin for this to show up. gonna be interesting to see how things play out over the next few months

Honestly, I didn't get anything out of this article other than a fluff leak by the banks for PR. Doesn't say they're lowering credit standards or rates, or cite a $ amount of purchases. It even says that Citi stopped buying new mortgages this week and is starting again in a couple weeks bc some appraisals and income verification docs were missing. One of the more lacking articles I've seen from bloomberg (and it's one of my favorite news sources).

Still, underwriting standards remain “pretty ridiculous,” he said. One client was rejected even though his assets excluding the house about equaled his mortgage. The borrower’s income was deemed too low, Stern said.

Asked about what kind of person can now qualify for a jumbo mortgage, Melissa Cohn, president of the Manhattan Mortgage Co. loan brokerage, said, “Someone who is God.”

Pretty much says it all....

Hey SteveF, why do you think you haven't been able to sell your properties yet? Serious question. I'm going to revive the Questions for SteveF thread so you can let everyone know.