JPMorgan, Wells results boosted by mortgage business

Reuters | Jul. 13, 2012 (News)

JPMorgan, Wells results boosted by mortgage business | Reuters (Reuters) - JPMorgan Chase & Co and Wells Fargo & Co reported strong growth in their mortgage lending businesses and lower loan losses on Friday, offering signs of improvement in the U.S. economy.The. Mortgage applications boost Wells Fargo results The Associated Press Wells Fargo 2nd-Quarter Profit Rises on Strong Mortgage Income Wall Street Journal all 1,209 news ... Full Story »

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by Jack Powers - Jul. 13, 2012

Authorities ranging from the FBI to the U.S. Securities and Exchange Commission are probing the bank. The SEC could charge JPMorgan with weaknesses in oversight and internal controls, said James Cox, a securities law expert at Duke University.

"JPMorgan, the largest U.S. bank, said it believes it will lose at most another $1.7 billion from the bad credit trades. "
— just a tempest in a teapot!

Jack posted this story.