What We're Hearing

There is still no word yet on the sale of $12 billion of jumbo servicing rights that belonged to the now-defunct Thornburg Mortgage of Santa Fe. We're assured the deal is coming. Then again, Thornburg (a nonbank) is in bankruptcy and one can never tell what a judge will do. Even though Thornburg went bust earlier this year, its credit quality was decent -- at least that's what its former CEO Larry Goldstone used to say. Then again, the 'Great Recession' has hurt all Americans, even jumbo borrowers. We keep hearing tales about jumbo lenders that are more than willing to extended credit on $750,000-plus homes but want the consumer to have at least 12 months of monthly payments to be held in reserve -- in a "lock box." Anyway, in Monday's National Mortgage News we're publishing an update on the state of jumbo lending in the U.S. The issue will be distributed at the annual convention of the Mortgage Bankers Association in San Diego...