Too many sockets in TIME_WAIT causes HTTPClient.waitForDone() to never return

I have an application that rapidly makes requests using HttpClient. When the number of sockets in TIME_WAIT exceeds the MaxUserPort setting (default 5000) the following exception is reported....

WARNING: CONNECTION FAILED on HttpExchange@28052805=POST//149.59.210.196:50001/services/Logger#1
java.net.BindException: Address already in use: connect
at sun.nio.ch.Net.connect(Native Method)
at sun.nio.ch.SocketChannelImpl.connect(SocketChannelImpl.java:507)
at org.mortbay.jetty.client.SelectConnector.startConnection(SelectConnector.java:69)
at org.mortbay.jetty.client.HttpDestination.startNewConnection(HttpDestination.java:241)
at org.mortbay.jetty.client.HttpDestination.doSend(HttpDestination.java:468)
at org.mortbay.jetty.client.HttpDestination.send(HttpDestination.java:418)
at org.mortbay.jetty.client.HttpClient.send(HttpClient.java:142)
at com.philips.nmrs.communicationsbus.HTTP_MessageRouter.httpSend(HTTP_MessageRouter.java:217)
at com.philips.nmrs.communicationsbus.HTTP_MessageRouter.routeMessage(HTTP_MessageRouter.java:165)
at com.philips.nmrs.communicationsbus.MessageRouterWorker.run(MessageRouterWorker.java:29)
at java.util.concurrent.ThreadPoolExecutor$Worker.runTask(ThreadPoolExecutor.java:886)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:908)
at java.lang.Thread.run(Thread.java:619)

The HttpClient is using Synchronous Request:

httpSend(exchange);
exchange.waitForDone();

When the above exception is thrown, waitForDone() never ends nor throws any exception. I am able to get around this issue by increasing the MaxUserPort setting and decreasing the TcpTimedWaitDelay to 30 seconds (via the registry)