Over the past few months, Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and JPMorgan Chase (NYSE:JPM) have all cut staff in their mortgage divisions as the demand for refinancing wanes. This shift has allowed smaller lenders like M&T Bank (NYSE:MTB) to gain market share. In this segment of The Motley Fool's financials-focused show, Where the Money Is, banking analysts Matt Koppenheffer and David Hanson take a look at how the mortgage market has changed since Countrywide, now under Bank of America, was the top-dog before the crisis.
David Hanson owns shares of JPMorgan Chase. Matt Koppenheffer owns shares of Bank of America, Citigroup, and JPMorgan Chase. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.