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Just in time for stimulus bills and bailout announcements. For the moment, without the government there is no housing market. From Pulte Homes’ Q408 conference call: (NYSE:PHM)

We continue to experience a favorable product mix shift into the fourth quarter as funded agency originations were approximately 99% of loans funded from the warehouse line versus 95% for the same period last year. Non-agency funded originations fell from 5% of loans funded from the warehouse line last year to approximately 1% this quarter. Additionally, within the funded agency originations, FHA loans were approximately 28% of the loans funded from the warehouse line in the fourth quarter versus approximately 30% in the third quarter of 2008.

The level of adjustable rate mortgage products originated during the fourth quarter of 2008 decreased from approximately 3% of the origination dollars funded from our warehouse line in the fourth quarter to approximately three-tenths of 1% in the quarter.

Pulte Mortgage's capture rate for the current quarter was approximately 92%. Mortgage origination dollars decreased in the quarter approximately $745 million or 47% when compared to the same period last year. The decrease is related to the volume decrease in the homebuilder closing activity for the quarter.

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Source: Pulte: Government Is the Only (Lending) Game in Town