Jumbo Mortgages
A jumbo mortgage is a residential property mortgage which is at high risk of default when drawn down. This means that before any personal economic shocks, such as unemployment, death, disability, divorce or the arrival of babies, the sum borrowed compared to the ability to repay is very large by historical measures.
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Contra Asset
An item that is entered on the asset side of an accounting ledger even though the item has a credit (negative) balance. For a thrift institution, contra assets include such items as deferred income and loans in process....
