Investors Bet U.S. Refi Boom Has Limited Room to Grow

Investors Bet U.S. Refi Boom Has Limited Room to Grow

Patrick Fallon/Bloomberg

Hundreds of mortgage firms failed from 2006 through 2008 as real estate slumped. Survivors including Bank of America Corp. and MetLife Inc. shrank or exited in the past year, while market leader Wells Fargo & Co. added staff to deal with a flood of demand.