Million-dollar U.S. housing loans surge to record level

Banks are handing out mortgages of as much as $10 million to the wealthy in record numbers while first-time homebuyers struggle to get loans. Erin Gorman, managing director at Bank of New York Mellon Corp., said she's fielding more requests for home loans of at least $2 million than ever before. She recently provided a mortgage of more than $6 million for a client's purchase of a second property in Colorado. Americans from San Francisco to Boston are taking out a record number of mortgages in excess of $1 million while stiff lending standards crimp total loan volume.

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