Jumbo Loan Defaults in the Luxury Market
by Roberta Murphy Luxury Home Defaults Ed McMahon may have wondered what else in new in defaulted real estate with the pending default of his Beverly Hills home. But yesterday, Standard & Poor’s Ratings Service reported that even prime jumbo loans are starting to buckle. Over a period of just one month–from June to July, 2008–jumbo loans originated in 2006 saw mortgage delinquencies rise 13.2 percent, while 2007 delinquencies rose…
