As you can see, GMAC’s Residential Capital, which includes companies like Homecomings Financial, led the way with a paltry $2 billion in loan origination volume during the first quarter of 2008.
While they were the leader, their production was off more than fifty percent from the same period a year earlier.
Countrywide Financial managed a close second with $1.8 billion, though it was nowhere near the $9.2 billion they funded in the first quarter of 2007.
HSBC came in a distant third with just $602 million funded, followed by Branch Banking & Trust with $581 million and Flagstar Bank with $460 million.
Am Trust Bank, which funded just $247 million during the quarter, had been the top Alt-A lender during the fourth quarter of 2007 with $8.2 billion in production.
For comparison sake, EMC Mortgage produced a whopping $58 billion in Alt-A loans during the final quarter of 2006, before things took a turn for the worse.