Wells Fargo and JPMorgan Chase have reported record profits in home lending business. From July to September 2013, Wells Fargo originated $139 billion mortgages, compared with $89 billion in the same period last year. On the other hand, JPMorgan Chase originated $47 billion mortgages, compared with $37 billion last year. Majority of this surge can be attributed to tremendous growth in owner financing mortgages.
If they can records record profits, there must be a few mortgages being written by buyers of properties. Will it all end with Federal Reserve easing, that is the question on everyone's mind.
No comments:
Post a Comment