Justin Bieber Hit By Jumbo Mortgage Shortage!

Hey J to the B, I heard you hit a snag getting a jumbo loan on a home you’re buying because the appraisal came in more than $1m under the $7m asking price.

Welcome to earth Justin. See if you can work these stats into a ballad:

There have only been five offerings of bonds backed by jumbo home loans (aka non-Fannie/Freddie deals) since markets froze in 2008. That includes an offering backed by $325m of jumbo loans two days ago. All five offerings total $1.6b of jumbos. By comparison, issuance peaked at $1.2t in each of 2005 and 2006.

Translation (or your song chorus?): it’s still super hardcore to get jumbos approved cause they gotta be airtight to go in non-government-backed pools. You in the deep end now, dog.

But I’m guessing it’ll all work out…
Read On:
Bieber: Housing Crisis Hurting Me Too! (TMZ)

Redwood Sells 5th Mortgage Bonds Since 2008 as Issuance Thaws (Bloomberg)

-Cheers to HousingWire’s ReWired Blog where I first saw news (and inspired headline)

Follow @TheBasisPoint

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    If you have a sufficient balance in the account, then a shortage exists, and the borrower must top up off the account in addition to all regular mortgage payments.

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    Hah, of course it will all work out – that kid’s got nearly that much money in his pocket at any one time.

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