“Lenders made $226 billion of mortgages in the period, the smallest quarterly amount since 1997 and less than one-third of the 2006 average, according to the Mortgage Bankers Association. Lending has been tumbling since mid-2013 when mortgage rates jumped about a percentage point after the Federal Reserve said it might taper stimulus spending. A surge in all-cash purchases to more than 40 percent has kept housing prices rising, squeezing more Americans out of the market. JPMorgan said it reduced the number of jobs at its mortgage unit by 30 percent, or 14,000 positions, since the start of last year. Wells Fargo got rid of 1,100 jobs in its residential mortgage business.”
Related posts:
China Now General Motors' Biggest Market
Banking Crisis Awakens Hopes for Cyprus Reconciliation Between Turks and Greeks
Iron Ore Slumps to Lowest Since at Least 2009 in China
Switzerland – the discreet shipping giant
FoxConn will pay Microsoft royalties to produce Android, Chrome phones and televisions
Bitcoin Fever Catches on in India
Ireland is the poster-child of EMU cruelty and folly
Bitcoin-based credit card reportedly due in two months
Gaming Company Fined $1 Million For Secretly Using Players To Mine Bitcoin
October 2015 Debut of Yangon Stock Exchange Signals Greater Asean Integration
Myanmar's new stock market to open in Oct 2015: deputy minister
Former MNPD Officer Attempted Child Porn Framing Of Ex-Girlfriend
Company plans to mine asteroids with ‘FireFlies’ spacecraft
Manufacturers Change Look of AR-15; Rifle Now Legal in New York
N.Y. Fed: Ample liquidity in U.S. corporate bond market