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Mortgage Debt Set to Break $5 Trillion.(Brief Article)
Some time this year the dollar volume of outstanding mortgage debt in the U.S. will break the $5 trillion threshold. The only question is: when?
According to figures compiled by the Federal Reserve, U.S. household mortgage debt totaled $4.9 trillion at the end of September. (Year-end numbers are not yet available.)
As long as the purchase money business remains strong, and it should, the $5 trillion mark will be reached in the first quarter of 2001 if it hasn't been already. (It is even possible the mark was reached in the fourth quarter of 2000, depending on pay-offs and refinancing.)
For residential servicers this is indeed good news. The higher the mortgage debt figure, the greater the mortgage industry's ability to make money.
Mortgage debt translates into servicing rights. To say that there is $5 trillion in outstanding mortgage debt is to say that U.S. mortgage firms service $5 trillion in residential product, including both first and second liens.
Whether one firm will ever control a huge portion of the $5 trillion servicing market is open to debate. Last year Countrywide Home Loans chairman Angelo Mozilo predicted that within five years just five servicers would control the entire U.S. ...
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Source: HighBeam Research, Mortgage Debt Set to Break $5 Trillion.(Brief Article)