On-Site Coverage: Government Likely to Remain in Mortgage Market
LAS VEGAS -- An executive with a leading mortgage brokerage firm told credit union mortgage executives attending the ACUMA 2010 Fall Conference that there is still a market for high-quality, jumbo mortgage loans.
Tom Millon, founder and CEO of Capital Markets Cooperative, told executives annual conference here at the M Resort that while the overall market for jumbo loans was probably only half what it was a few years ago, there were still banks-particularly well-capitalized regional banks-interested in buying the loans, provided they were very high quality.
He also noted that the rise in so-called strategic defaults has led to a re-emphasis on the collateral parts of loan underwriting.
Capital Markets Cooperative is a firm that helps credit unions and other financial institutions manage risk while marketing their mortgages.