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Why mortgage lending at Wells Fargo, Chase and Citi plunged

Why mortgage lending at Wells Fargo, Chase and Citi plunged

What’s going on? Here’s how JPMorgan CFO Marianne Lake described it in her prepared remarks to analysts Wednesday: “Home Lending revenue was down 8%, driven by lower net reduction revenue in a low volume highly competitive environment.”

In other words, fewer people want to take out mortgages from us, and those who do aren’t as profitable for us.

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