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JPM Leaving the Mortgage Biz

JPM Selling all its Mortgage Biz down to 0... Software Executives now driving up the prices of food.

Big Bank Mortgage Results Hurt by Spring Real Estate Market

The impact of high property values and rising mortgage rates that shut some buyers out of the spring real estate market is starting to show up in the quarterly results of some of the nation's banks. Wells Fargo & Company ( WFC ), JPMorgan Chase & Co. ( JPM ), Citigroup Inc. ( C ) and The PNC Financial Services Group, Inc. ( PNC ) all reported second quarter results showing signs of weakness in mortgage originations.

Take Wells Fargo for starters. According to National Mortgage News , the national bank reported income of $770 million in its mortgage banking unit, which is down from $934 million in the first quarter and below the $1.1 billion the unit had in last year's second quarter. Mortgage originations at Wells Fargo came in at $50 billion in the second quarter, which National Mortgage News reported were up quarter over quarter but were down from $56 billion a year ago.

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JPMorgan, Wells Fargo Post Q2 Results

JPMorgan Chase & Co. and Wells Fargo & Company released their second quarter earnings results Friday, with largely positive results at JPMorgan Chase and less positive news from Wells Fargo.

JPMorgan Chase reported $8.3 billion in net income, up from $7.0 billion a year ago but down from $8.7 billion in the first quarter of this year. The bank’s net revenue for the quarter was $28.4 billion, up six percent over the year, with net interest income at $13.6 billion, up 9 percent, while net noninterest income was $14.7 billion, up 4 percent.

Home lending net revenue rose 6 percent to $1.3 billion, “driven by production margin compression and lower net servicing revenue,” according to the bank’s statement.

Mortgage origination volume totaled $23.7 billion for the second quarter, compared to $20.0 billion in the first quarter and $26.2 billion in the second quarter of last year.

Obama Unveils New J.P. Morgan, Wells Fargo Bailout Plan, Disguised as Mortgage Relief?

Under guise of helping homeowners, president Obama has finalized his plan to further aid banks. Please consider Obama's alleged Mortgage Relief Plan.