It feels like 2006 again. I believe the mortgage market is heading to financing sub-prime borrowers. This smells bad to me.
Gene Hoffman
NEW YORK (TheStreet) -- The decline in mortgage activity in the United States continued in January and big banks, including Wells Fargo (WFC) and JPMorgan Chase (JPM) are responding by lowering their underwriting standards.
The Mortgage Bankers Association projects that originations of
one-to-four family mortgage loans in the U.S. will decline to $1.116
trillion in 2014 from an estimated $1.755 trillion during 2013, with the
wave of refinancing slowing as long-term interest rates have risen.
According to a preliminary estimate from Inside Mortgage Finance, the issuance of single-family mortgage-backed securities by Fannie Mae (FNMA), Freddie Mac (FMCC) and Ginnie Mae totaled $67.8 billion during January. That's down 10% from December and is also the lowest figure since January 2009.
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