For the first time, most mortgages aren’t made by banks
For the first time in 30 years, depository institutions like banks and credit unions are no longer making the majority of home mortgages.
Non-banking companies, such Quicken Loans or Penny Mac — in the third quarter made up 51 percent of the home loans out there, that’s according to the trade publication Inside Mortgage Finance.
So what’s going on here? Is this a move on the banks part to reduce risk? And what happens if we run into another downturn in the economy?
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