Private Mortgage Market Starting To Rise

THE private mortgage market in the United States -- almost moribund in the wake of the subprime crisis that bankrupted some lenders last year -- is showing small signs of revival.

In the first quarter of this year, there were $116 billion in private mortgage loans, loans not issued or insured by the federal government or a government-sponsored entity. That was up from $84 billion in the final quarter of 2007, according to a survey of lenders by Inside Mortgage Finance, a newsletter.

Read the whole story here.

Comments

[tompoe]

Sounds like corporate welfare is alive and well. Monies are being divvied up among the big boys, just as promised. Notice there's narry a word about how that increase translates to the homeowners heading for the street. I guess that's because it doesn't.

[MajorKong]

I'll take all the good news I can get at this point.

[ErnestineBass]

Lending institutions would be wise to try and work out a deal with mortgage holders in arrears.

There was a news story last week showing a foreclosed home that had been gutted of it's light fixtures, cabinets, HVAC unit, toilet fixtures, electrical wiring and copper pipes, carpet and hardwood flooring, EVERYTHING...it was a complete mess.
Regardless of whether this extensive damage was done by an angry "former homeowner" or common thieves, the bank is now stuck with a useless hulk that will cost $20-50 thousand to repair.

Banks will reap what they sow?