Jumbo Mortgage Delinquencies Soar as High-End Home Inventory Builds

Delinquencies on jumbo mortgages nearly tripled to 9.2% in December 2009 compared to the 3.2% rate December 2008 as the inventory of expensive homes continues to rise, according to a report from Fitch Ratings. This shouldn't be much of a surprise to the banks that allowed option adjustable-rate mortgages and interest-only mortgages to be concentrated in the high-cost housing market.