Thursday, May 14, 2009

The refinancing boom

$2.8 trillion of mortgage refi's, gives the banks a lot of fees. And for those who missed the BAC rally, you need to start taking down some here at 10.88-despite the offering.

And Mozilo's Wells notice is a gnat on an elephant's hide, compared to the mortgage biz fees now being earned.

The rush of US homeowners to refinance mortgages at lower rates is creating a boom in the home lending business, prompting banks to hire thousands of new employees and put them to work on extra shifts to process mountains of paper.

“Many of them work all day, go home and have dinner with their families, then go back to the office and put in a few more hours, because there’s work to be done,” said Greg Gwizdz, national sales manager of the Wells Fargo home mortgage unit.

Lenders could originate up to $2,780bn of new mortgages this year, the Mortgage Bankers Association says.


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