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4Q IO Loans Reach $100B.
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- Author(s): Muolo, Paul
- Source:
National Mortgage News. 2/28/2005, Vol. 29 Issue 23, p1-26. 2p.
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- Abstract:
This article reports that mortgage bankers funded $101 billion in interest-only mortgages in the fourth quarter, accounting for about 15% of all loans funded in the U.S. Colleen M. Garrity, a director and analyst with Fitch Ratings in Chicago, Illinois, said so far no ratings have been affected by the actions. He said the title insurers agreed to give approximately half of the premium to a captive reinsurer in order to refer business to the title company. As part of his enforcement plans, he sent subpoenas to Fidelity and LandAmerica.
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