Mortgage originations. No surprise that volumes are down but these number. Whuff. Hard to stomach. "Retail originations fell 64.9% and wholesale originations dropped 60.5% year over year, according to an S&P" "Wells Fargo & Co. had the largest year-over-year decline in originations at 84.3% and Goldman Sachs Group Inc. had the second-largest decline at 79.1%. JPMorgan Chase & Co. had the third-largest year-over-year decline of 77.3%." "Of the top 20 banks measured by originations of one- to four-family mortgages, the only one that saw year-over-year growth was New York Community Bancorp Inc., a subsidiary of which bought assets of Signature Bank after it failed" #mortgage #mortgages #banks #rates #housing https://lnkd.in/gbczmDkQ
Kevin Leibowitz
This bodes pretty well for current mortgage bond investors as the market is expecting this to last for the next thirty years. Memories are short.