Wells Fargo (WF) Chief Financial Officer Tim Sloan says mortgage originations are projected to be off by 30%, while refinance volumes will be off by an estimated 60%.
Seeking Alpha elaborated on Sloan's statements:
Still, he reminds business remains strong and those percentages are based on very strong comparables.
One bullish stat shows mortgage payments to disposable income is just 18% vs. a fifty-year average of 27%. At the height of the bubble it was 30%. Amid the high interest rates of the early 80s, it was about 50%.
