Residential Lending at 'TARP Banks' Rising

Residential mortgage originations at Wells Fargo and other banks receiving TARP assistance rose at a "healthy" clip in February from January, according to a monthly lending survey compiled by the Treasury Department.Single-family originations at Wells Fargo, for instance, totaled $34.8 billion in February, a 45% increase from the previous month. The bank ended the month with $75 billion of mortgages in its pipeline, according to the Treasury survey. Led by refinancings, the median increase in residential mortgage originations across the 21 TARP banks rose at a "healthy" rate, the lending survey says. Bank of America originated $28.7 billion in single-family loans in February, up 25% from January. Refinancings totaled $22.3 billion. Refinancings at Wells Fargo totaled $28.5 billion. Due to the large pipeline, the San Francisco-based bank said "strong funding levels are expected in March."