Bank of America just reported an earnings beat, but its mortgage business — a sector everyone's been watching — was a disappointment.
First-mortgage originations declined 46% from this time last year.
And BAC isn't alone in this. Both JP Morgan and Wells Fargo reported declines in their mortgage businesses yesterday. Wells Fargo managed to crush earnings through cost cutting measures.
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3 comments:
A lot of secrets between govt and banks,we may get a big surprise soon.
Most foreign governments depend on the value of the US dollar when valuing their own currency on the global market. When the bottom drops out of that dollar you can bet on losing many allies and trade, and you can take that to the BANK!
9:49-Agreed.They can only keep that secret so long and their time is almost up.
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