JPMorgan to begin purchasing jumbo loans

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JPMorgan Chase is launching a program later this summer in which they will start buying jumbo loans from other mortgage lenders and specialists. This program comes on the heels of a similar endeavor by Citigroup in which they also began purchasing jumbo loans from various mortgage specialists such as Guardhill Financial and Equity Now. Michael Moskowitz, president of Equity Now, says the move by JP Morgan is a step in the right direction. “It won’t be a big boom, but business will increase,” he said. But Moskowitz said this time around, restrictions on jumbo loans will be stricter, including income checks on all jumbo loan borrowers before they are approved.