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Jumbo loans thrive in US mortgage market

Competition heats up among big banks such as Wells Fargo for above-US$400,000 mortgage loans
Tuesday, May 13, 2014 - 06:00

Washington TODD Vitale, a personal trainer who opened his own gym last year, said he was having difficulty getting a mortgage of more than US$700,000 to buy a home in Greenwich, Connecticut, because his new business was untested. Then he tried Wells Fargo & Co, the biggest US home lender,