J.P. Morgan makes it easier for rich to take out mortgages

“J.P. Morgan Chase & Co. is loosening its underwriting criteria for big mortgages, as lenders ramp up competition to grab a bigger share of the high-end housing market.  The nation’s largest bank plans to announce as soon as Tuesday that it is lowering the minimum credit score and down payment it requires for mortgages as big as $3 million.  At the same time, some big banks are backing away from smaller loans where they see higher regulatory costs and litigation risks.  By dollar volume, jumbo mortgages given out by lenders last year accounted for about 20% of all first-lien mortgages. That is up from 5.5% in 2009. The last time jumbo mortgages accounted for a larger share was in 2005.”


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