Banks were the top nine jumbo lenders, led by Wells Fargo with $41.49 billion in originations, accounting for a healthy 15.8 percent of all jumbo lending.
However, the CFPB official said the no-action letters would not give a requesting entity an exemption from complying with any statutory or regulatory rules.
No reason for panic yet: Only two jumbo (MBS) borrowers are currently more than 60 days delinquent and the foreclosure process has yet to start for either.
The watchdog arm of Congress noted that the Treasury hasn’t implemented 6 out of 24 recommendations relating to housing programs funded by the Troubled Asset Relief Program.