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Sometimes you hear one thing and don’t think much of it, and then you hear another thing that makes the first thing seem much more important.
This morning the Mortgage Bankers Association put out a report from two UCLA researchers (MBA funded the report) saying that the homeownership rate may have bottomed but could still fall another one to two percentage points.
Then JP Morgan’s CEO, Jamie Dimon, [ JPM 40.35 +0.73 (+1.84%) ] suggested that his bank could get out of the mortgage ownership business in the future. “Owning consumer assets may be something we don’t want to do,” Dimon said on the earnings conference call. “It may be we’ll originate, securitize, service, but not own” mortgages. He added that they don’t have to make a decision on the mortgage business until rules are set, which could be eight years.
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Article source: http://www.cnbc.com/id/43756305?__source=RSS*blog*&par=RSS