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Volume 12 - Number 22

October 24, 2008

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Quarterly Mortgage Banking Profits Mirage Caused by Consolidation

On the surface, mortgage banking operations posted a surprising improvement during the third quarter of 2008 that generated substantial gain in profitability. But the aggregate results reported by 19 major lenders in their third quarter earnings reports are significantly skewed by consolidation activity and... [Includes one chart]

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