An estimated $476.6 billion in mortgage loans were bundled up and sold as securities to Wall Street investors during the third quarter, down 23 percent from the previous quarter, according to a report by the Securities Industry and Financial Markets Association. Issuance of mortgage-related securities by "private-label" financers of mortgages and government-sponsored entities Fannie Mae, Freddie Mac and Ginnie Mae fell during the quarter on housing sector weakness and subprime mortgage market deterioration, the report said. "Global demand and employment and income gains are compensating for some of the difficulties in the housing sector, but fragile credit market conditions will persist, affecting issuance and demand into 2008," said SIFMA's senior managing director for researc...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.