Mortgage Market Slowdown Hits Most Sectors In Servicing Business, But Ginnie Keeps Gaining
June 17, 2010
The mortgage servicing business continued to shrink in early 2010 as the outstanding balance of single-family home loans fell for the ninth consecutive quarter. The Federal Reserve reported late last week that there were $10.749 trillion of home mortgages outstanding as of the end of March, a 1.0 percent drop from the previous quarter. With declining house prices, a sharp drop in cash-out refinance and home-equity lending and feeble home sales, the supply of home mortgage debt has fallen persistently since... [Includes one data chart]