Mortgage Banker’s Association’s latest report shows that US banks are facing record losses on mortgages. In 2022, independent mortgage banks and mortgage subsidiaries of chartered banks lost an average of $301 per loan, down from an average profit of $2,339 in 2021. This is the first time on record that banks are experiencing a decline in revenue, affecting the real estate industry at large, including businesses, investors, and everyday Americans. The report analyzed the latest stats from 2022.
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Article Name
US Banks' Historic Mortgage Losses Amid Housing Shock: Report
Description
Mortgage Banker’s Association’s latest report shows that US banks are facing record losses on mortgages.
Author
Susan Jane
Publisher Name
The Daily Hodl
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