Mortgage-banking origination volume and loan sales among commercial banks and savings institutions declined in the first quarter. The pipeline of future sales also contracted significantly from the fourth quarter. (Includes two data charts.)
First Guaranty Mortgage Corp., a prime and non-agency lender owned by PIMCO, has gone bust, leaving a long list of creditors in its wake. The big question: Are there other FGMCs out there?
Overall, banks and thrifts reported a decline in the volume of mortgage repurchases and indemnifications made during the first quarter, but most major institutions saw increases. (Includes data chart.)