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Refi Market Yields Earnings Windfall For Mortgage Banking in 2009
The unexpected boom in refinance lending in 2009 helped propel the mortgage banking business to huge profits for the year, according to a new analysis of company earnings releases by Inside Mortgage Profitability. A diverse group of 19 lenders reported a total of $16.645 billion in mortgage banking earnings for all of last year, more than triple the amount they earned during all of 2008...
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