Thrift Originations Rise in 2Q

Thrifts originated $148.4 billion in single-family loans in the second quarter, up 4% from the level recorded in the previous quarter, despite a reduction in adjustable-rate mortgage activity.The Office of Thrift Supervision reported that thrifts posted strong earnings in the second quarter, even though one- to four-family originations were down 12% from those in the second quarter of 2005. The OTS said ARMs accounted for 37% of thrift originations in the second quarter, compared with 44% in the first quarter. Refinancings fell to 31% of originations from 35% in the first quarter. The 854 OTS-supervised savings institutions reported total profits of $4.21 billion in the second quarter -- down slightly from the level of the previous quarter and up 4% from that of a year earlier.