Right on cue, J.P. Morgan has launched a $483.5 million offering of residential mortgage-backed securities.

The deal, dubbed, J.P. Morgan Mortgage Trust 2014-IVR3, is backed by jumbo loans to ultra-safe borrowers, according to a presale report from Kroll Bond Ratings. However, the collateral includes some riskier types of loans, including extremely large loans and loans that pay only interest for a period of time. Like most private-label deals, the collateral is also geographically concentrated in areas of the country where housing prices are high.

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