ABN AMRO Loans Off 29% Last Quarter
A story over at Inman News reveals another mortgage giant is losing traction. "ABN AMRO Mortgage Group's first-quarter loan production dropped 29 percent from a year ago, the company reported today. The lender's production total for the first quarter of 2005 was $10.4 billion, down from $14.7 billion during the first quarter of 2004."
The chairman had this to say, "The solid growth of our net operating profit compared with the same period last year was satisfactory, despite the much lower results from the US mortgage business." Wasn't the Mortgage Bankers Association telling us how good the numbers were, even when this blog pointed out otherwise?