We asked this question a quarter ago following Wells Fargo’s latest results but we never got an appropriate answer. So now that the data has been updated for the latest Wells mortgage origination and application numbers, we ask the question again: considering both mortgage originations and applications are crashing to levels not seen since the Lehman crisis, just what is wrong with this “housing recovery” picture?
Mortgage originations:
Mortgage applications:
And a bonus chart: remember when in late 2013 and early 2014 the pundits (probably the same ones who said it was a “stock picker’s market”) were screeching daily how bank Net Interest Margins were set to soar. Can they please comment on the following Wells NIM chart?
Source: Wells Fargo
