Overall loan balances among leading bailed-out banks declined 1 percent from May to June, while overall originations increased 13 percent, according to a new government report.
Total originations rose in five categories, including home equity lines of credit, first mortgages, commercial real estate renewals, and commercial and industrial renewals and new commitments, the Treasury Department reported in its latest monthly survey of the nation's credit markets.
First mortgage originations did particularly well, increasing 12 percent on the strength of attractive interest rates and tax incentives, Treasury reported. The median change in total mortgage originations was an increase of 14 percent, with all 18 banks that were active in mortgage lending reporting increases in new home purchase originations.
Originations fell in three major categories: credit cards, new commercial real estate commitments, and other consumer lending products. In a sign that consumers were holding back and increasing their savings efforts, credit card balances also remained flat, with eight of the 14 banks active in that sector reporting increases, five reporting decreased, and one reporting no change at all.
Of those institutions focused on consumer banking, Fifth Third Bancorp and KeyCorp showed the largest improvements in overall lending, increasing originations 49 and 47 percent, respectively.
Total originations rose in five categories, including home equity lines of credit, first mortgages, commercial real estate renewals, and commercial and industrial renewals and new commitments, the Treasury Department reported in its latest monthly survey of the nation's credit markets.
First mortgage originations did particularly well, increasing 12 percent on the strength of attractive interest rates and tax incentives, Treasury reported. The median change in total mortgage originations was an increase of 14 percent, with all 18 banks that were active in mortgage lending reporting increases in new home purchase originations.
Originations fell in three major categories: credit cards, new commercial real estate commitments, and other consumer lending products. In a sign that consumers were holding back and increasing their savings efforts, credit card balances also remained flat, with eight of the 14 banks active in that sector reporting increases, five reporting decreased, and one reporting no change at all.
Of those institutions focused on consumer banking, Fifth Third Bancorp and KeyCorp showed the largest improvements in overall lending, increasing originations 49 and 47 percent, respectively.
published August 18, 2009, 0 Comments
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