Major banks are getting back into the business of making jumbo loans.
Bank of America, the country’s largest mortgage lender since it acquired Countrywide, has renamed its lending arm Banking of America Home Loans and is rolling out a program to finance loans between $730,000 and $1.5 million.
“There’s a real need for loans of this size,” says Barbara Desire, who heads consumer real estate operations.
Other lenders moving into the luxury jumbo market include ING Group, Amsterdam-based banking and insurance conglomerate, which will offer jumbos as large as $2 million through ING Direct.
Source: The Washington Post