Commercial banks increased their investment in residential mortgages amid last year's refinancing wave, mostly through heavy investment in securities.

American Banker's annual survey shows that the top 50 banks' portfolios of mortgage loans and securities grew 9.55%, to $766 billion, in the 12 months through Sept. 30. The entire industry's holdings grew 9.68%, to $1.2 trillion. (Tables start on page 8.)

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