Mortgage securitizations fell dramatically in the first half, reflecting the industry's drop in new loan volume.
Illustrating the dip, Norwest Mortgage securitized $17.4 billion of loans in the first half-good enough to snare the No. 1 spot in the industry. The total, however, was about $5 billion less than the company securitized in the same period last year. Countrywide Home Loans and Chase Manhattan Mortgage retained their No. 2 and 3 rankings but also on lower volumes.