Okt 162012
 

 

Dominance of the mortgage market by a few big banks is undermining monetary policy, said a senior policy maker at the US Federal Reserve, in comments that may herald greater scrutiny of lenders such as Wells Fargo and JPMorgan Chase.

Bill Dudley, president of the New York Fed, said “concentration of mortgage origination volumes at a few key financial institutions” meant that banks were not passing on low interest rates to borrowers. Fears over US mortgages dominance – FT.com.