Jumbo IndyMac.Jumbo jum·bo n. pl. jum·bos An unusually large person, animal, or thing. adj. Unusually large: jumbo shrimp; a jumbo jet. IndyMac: IndyMac Bancorp. will resume issuing "jumbo" home loans after temporarily halting halt·ing adj. 1. Hesitant or wavering: a halting voice. 2. Imperfect; defective: halting verse. 3. Limping; lame. their sales amid turmoil in the mortgage market. The Pasadena-based lender stopped selling jumbos, which are mortgage loans in excess of $417,000 that are issued to people with good credit. Fannie Mae Fannie Mae: see Federal National Mortgage Association. and Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. do not buy loans larger than that amount, which means lenders must sell them to investors on Wall Street, which has been particularly difficult lately, or lend the money for the mortgages themselves. The lender said it will fund the loans itself and keep them in its own portfolio. IndyMac said the loans pay higher interest rates, making them more attractive because a borrower's income is documented |
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