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UK mortgage approvals pick up in December, consumer credit slows

British mortgage approvals rose in December for the first time since June, the Bank of England said on Friday, suggesting that a steady slowdown in the number of loans for home purchases could be bottoming out. Data from the BoE also showed a sharp slowdown in December in borrowing by British consumers whose spending has driven the country's economic recovery. The BoE said mortgage approvals for …

Improving Mortgage Origination Activity Likely To Extend Into Q4

While the impact on banks such as Bank of America and Citigroup, which were forced to slash their mortgage operations in the wake of the recession, has been negligible, those such as Wells Fargo and U.S. Bancorp – which bulked up their mortgage banking businesses considerably after the economic downturn – have been hit the most. The steady increase in the number of mortgage applications over the …