For much of 2013, lenders have been courting wealthy home buyers with enticing terms on private jumbo mortgages, which exceed $417,000 in most parts of the country and are larger than $625,500 in pricier housing markets such as New York and New Jersey. They have been discounting mortgage rates and closing costs, lowering down payment requirements and loosening the lending requirements for many. Private jumbo mortgage originations are now on pace to hit the highest level since 2007, before the downturn kicked in.
Wall Street Journal December 6, 2013
