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1Q Subprime Volumes Plummet.
WASHINGTON -- Mortgage bankers funded just $88 billion in subprime residential loans during the first quarter with dozens of shops failing and concerns about credit quality and delinquencies taking their toll on the sector.
According to exclusive survey figures compiled by National Mortgage News and the Quarterly Data Report, subprime accounted for just 12% of all loans originated in the U.S., compared to a high of 24% in 2005.
The last time subprimes quarterly share was this low came in the third quarter of 2003 when A- to D accounted for 9.2% of industrywide production.
Since December, about 80 subprime-related shops and platforms have closed, according to a tally by this newspaper.
In the fourth quarter, mortgage bankers funded $152 billion in subprime loans. During all of last year, lenders originated $665 billion in A- to D credits, a 16% decline from the record of 2005.
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