Posted on 10/04/09
Wall Street jumps on mortgage resurgence
Mortgage lending is making a surprising comeback in the United States, thanks mainly to low interest rates and the disappearance of "irrational" lenders.Yesterday, Wells Fargo & Co. WFC-N stunned investors by saying it expects to report a record profit of $3-billion (U.S.) in the first quarter, owing to a surge in its mortgage business. The bank said it handled $190-billion worth of mortgage applications in the quarter, up 64 per cent from the last quarter of 2008. In March alone, the San Francisco-based lender said it processed a record $83-billion worth of mortgage applications.
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