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Mortgage warfare; New entrants stun apartment financing leaders.

Publication: Crain's New York Business
Publication Date: 04-NOV-02 		Format: Online - approximately 915 words
Delivery: Immediate Online Access
Full Article Title: Mortgage warfare; New entrants stun apartment financing leaders.(News)

Article Excerpt
Byline: heike wipperfurth

A banking backwater long known for its steady profits and gentlemanly competition among a handful of small institutions-the market to finance the city's thousands of apartment buildings-is in turmoil.

A powerful funding link between Independence Bancorp and the Federal Home Loan Bank board and the recent arrival of Washington Mutual, the nation's largest mortgage lender, have sent both loan prices and fees plummeting. In the process, sharply falling profit margins threaten to force a shakeout in this market, which annually generates $10 billion in loan volume.

``I think at the moment, every lender is trying to book as much business as it can,'' says Howard Zuckerman, chairman of Brooklyn-based mortgage broker Meridian Capital Group.

To do that, the newcomers are laying siege to the longtime customers of the market's old guard, players such...

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