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Rate-starved US banks happily gobble up mortgage business
Published Tue, Jul 19, 2016 · 09:50 PM
New York
JUST as mortgage bankers were preparing for the end of a historic boom driven by low interest rates, borrowers have begun knocking at their doors again.
In earnings reports last week, JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc said they originated US$94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of US$23 billion, or 31 per cent, over the first quarter.
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