NMN Survey: B&C Volumes Clobbered in 1Q

Mortgage bankers funded just $88 billion in subprime residential loans during the first quarter, with scores of lenders failing and concerns about credit quality taking their toll on the sector.According to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report, subprime production accounted for just 12% of all loans originated in the United States, compared with a high of 24% in 2005. The last time subprime's quarterly share was this low came in the third quarter of 2003, when A-minus to D production accounted for 9.2% of the industry's fundings. (For complete details, see the June 25 issue of NMN.)