Industry NewsMortgage

Mortgage lending flat at big TARP banks

Wells Fargo edges out BofA in originations
Published on Feb 19, 2009

Residential mortgage lending was essentially flat during the fourth quarter at the 20 largest banks that the government has taken a stake in through the Troubled Asset Relief Program, or TARP. The median change in residential mortgage loan balances at the banks was a 1 percent decline, the Treasury Department said in a report this week. Among the 20 largest banks to have received capital infusions, Wells Fargo was the biggest originator of first mortgages, with $48.2 billion in originations for the quarter. Wells Fargo was followed by Bank of America ($44.6 billion), JPMorgan Chase ($28.3 billion), Citigroup ($16.3 billion), U.S. Bancorp ($8.4 billion) and SunTrust ($7.2 billion). The median change in corporate loan balances was a 1 percent decline, while the median percent change in loan balances for U.S. credit cards was an increase of 2 percent, reflecting greater reliance on existing credit lines by consumers, the report said. In commercial real estate, renewals of exis...

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