Skip to comments.Big banks are fleeing the mortgage market
Posted on 02/13/2016 6:17:35 AM PST by Lorianne
When it comes to residential mortgages, big banks are waving the white flag.
Banks originated 74% of all mortgages in 2007, but their share fell to 52% in 2014, the most recent data available from the Mortgage Bankers Association. And it could go even lower.
But even at these levels, the big bank backtrack is reshaping a lending landscape thatâs already undergone seismic shifts since the housing bubble burst.
While thereâs widespread agreement that banks should have been reined in â and perhaps punished â after playing a major role in the housing bubble that helped tank the economy, the past few years have been tough for banksâ mortgage businesses.
(Excerpt) Read more at marketwatch.com ...
Here we go rewriting history again.
Opinion stated as fact. It’s what they do. BTW I absolutely hate Market Watch. Any ideas on a better way to track the markets?
People bought houses they couldn’t afford and couldn’t make the payments, triggering the shock and collapse. Idiots.
Yes very sad, we are doomed to repeat all of this crap. Why would lend any money if the are not really required to pay it back. It truly bazaar.
The housing bubble was needed to hide the disappearance of manufacturing to foreign countries.
I’m guessing its because:
1. They are being pressured (for diversity’s sake) into giving loans to people who cannot pay them back.
2. When the House of Cards collapses again (as it will), they know Politicians will demonize them for forcing “predatory” loans on “unsuspecting” borrowers.
Ino.com is a good site to get just the facts
Absolutely. That one was easy to predict.
Banks don’t want to be on the hook for buy-backs. So they will use mortgage bankers and small banks for the originations, then buy the notes. Reduces liabilities
Bloomberg has lots of free content. The professional services run several thousand a month. I’m not sure if theres a mezzanine level of content. Depending on your involvement the free content probably will suffice.
After 08 the agencies pulled back some out of necessity but from the numbers seem to have taken more of the market. Not surprising under Obama.
Those evil banks are discriminating against poor people again.
They have no interest in it...
First, the Fed’s tell the banks they MUST make loans to unqualified buyers,
Then, they fine the banks BILLIONS of dollars for selling bundles of loans that ultimately fail, because the borrowers were UNQUALIFIED!!
Where do these BILLIONS in fines go?
Into Democrat slush funds, as there is NO ACCOUNTABILITY or traceability for these off book transactions.
Aside from stopping these government frauds before they start, we need legislation creating accountability for gov’t fines.
My first recommendation is that they go as a direct offset to the debt.
And the gov’t is fining automakers because the interest rates they charged had discriminatory outcomes against minorities. It’s the outcome, not the normal credit process that they are being taken to court over.
Those fines went to ACORN type organizations so that they could agitate another crisis.
Force banks to Give loans to people that can’t pay back. Force people to buy insurance they cannot afford. Nice freedom we have here.
Never could figure out why banks cater to people with money.................(/s)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.