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Residential Debt May Crack $6T in '02.($6 trillion forecast for 2002)(Brief Article)
By year-end there could be $6 trillion worth of outstanding residential debt in the U.S., which means servicers should be plenty busy.
According to figures compiled by this newspaper, residential debt totaled $5.608 trillion at the end of December 2001. (Residential debt translates into servicing rights for mortgage bankers and reflects both first and second liens.)
And that excludes commercial and multifamily real estate debt, estimated by this newspaper to be $1.247 trillion and $445 billion respectively.
Mortgage Servicing News estimates that residential debt, on average, has been growing at about 8% a year for the past several years. It is expected to continue growing at that rate, or close to it, for the rest of the decade.
Growth in mortgage debt is being fueled by not just population growth, but by explosive growth in home values which increases the pool of equity that can be borrowed against in the form of home equity loans.
Interestingly, as the debt number has grown, so has consolidation among mortgage servicing firms.
The ...
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