WASHINGTON – The nation’s largest 22 banks boosted mortgage and home equity lending during June, but reduced other types of consumer loans, according to a survey of banks released by the Treasury Dept.
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Overall, loan originations were up 13%, in large part due to new home purchases and seasonal renewals in commercial and industrial real estate loans, according to Treasury.
Lending for credit cards, other consumer loans and new commitments on commercial real estate has declined however; overall consumer loans (excluding real estate) actually declined by 1% in June. The Treasury survey was launched earlier to gauge how banks are using TARP funds.
