Major Banks Re-Enter Jumbo Arena
Bank of America is among the major banks rolling out jumbo mortgage programs and holding the loans in their own portfolios.
It will offer loans from $730,000 to $1.5 million with 30-year fixed rates under 6 percent; but borrowers must make a 20-percent down payment, have good credit, provide proof of income, and hold six months' of principal, interest, property tax, and insurance payments in reserve.
Other banks offering jumbo loans include ING Group's ING Direct unit and Luxury Loans of San Diego.
Source: Chicago Daily Herald, Ken Harney (03/20/09)
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