Residential Mortgage Production Volume Expected to Skid in Coming Quarters
July 20, 2006
Mortgage origination volume appeared to spike sharply higher during the second quarter, but industry experts are predicting significant contraction until well into 2007. The market had been in decline since the third quarter of 2005, as rising interest rates finally began to take a toll on the housing market and refinance demand. Originations dropped sharply in the first quarter of 2006 to $680 billion, their lowest level in two years. … [One data table included]
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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