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Home Purchase Loans Down Among Top TARP Recipients

By Diana Golobay at HousingWire.com

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March 25, 2009 - The majority of 21 top financial institutions that have received government funds through the Troubled Asset Relief Program (TARP) overall lent more in January than they did a month earlier, according to a survey released this week by the U.S. Treasury Department. The reported data show that mortgage originations “rose significantly in January, as lower interest rates fueled a strong demand to refinance home mortgages,” the U.S. Treasury Department said in a media statement. Many of the banks studied in the survey reported a volume of refinance loans that had more than doubled in a month and sometimes more than tripled in the last two months. Along with the refi popularity, however, many banks also posted a corresponding drop in mortgage loan volume for new purchases, declining as much as half since November in many cases.

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Print Date: 2/28/2020
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