JPMorgan Chase reported $4.4 billion in net income in the third quarter of 2010, or $1.01 per share, but expects mortgage delinquencies and losses to remain at high levels over the next several quarters.
Net income for the bank increased 23% from the $3.6 billion earned in the third quarter of 2009, but was down 6.7% from $4.7 billion in the previous quarter.
JPMorgan Chase originated $40.9 billion in mortgage loans, up 10% from a year ago and a 27% increase from the previous quarter. Its third-party mortgage servicing portfolio reached $1 trillion, declining 8% from a year ago and 4% from the previous quarter.
The bank earned $207 million from its mortgage banking sector, a 50% decrease from the third quarter of 2009.
Jaime Dimon, CEO of JPMorgan Chase, said losses from its mortgage division will not see much improvement in the months ahead and could even worsen.
"Our mortgage delinquency trends remained relatively flat compared with the prior quarter, and we expect mortgage credit losses to remain at these high levels for the next several quarters," Dimon said. "If economic conditions worsen, mortgage credit losses could trend higher."
source : housingwire
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