American Banker (08/05/08) P. 6; Berry, Kate
Due to lower volume, rising delinquencies and the absence of investor appetite for securities backed by brokered nonagency jumbo mortgages, JPMorgan Chase & Co. has announced that it no longer will write such loans. However, spokesman Tom Kelly insisted that its retail channel will underwrite jumbo mortgages, while its wholesale channel concentrates strictly on conforming loans. The New York-based bank ceased offering brokered subprime and home-equity loans in May.
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