Commercial Banks Stock Up on Mortgage Securities in Early 2004; Bank of America Goes on Buying Binge
June 4, 2004
Pundits have predicted for two years that commercial banks would soon abandon their newfound love affair with mortgage securities and head for greener pastures in a recovering U.S. economy. Don’t hold your breath. According to data released by the Federal Deposit Insurance Corp., commercial banks held a record $874.8 billion of mortgage securities in their investment portfolios as