A California lender began selling jumbo loans this month to global asset manager BlackRock, proof that private investors are not waiting for the securitization market to fully recover before getting back into mortgages.

Prospect Mortgage, Sherman Oaks, Calif., became the first mortgage lender to originate and sell jumbo loans to BlackRock since it created a $1 billion mortgage investment fund last year with the specific purpose of securitizing prime jumbo loans.

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