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Mortgage refinancing driving US banks' growth

But their lending remains far below last year's levels as they struggle to increase home-purchase mortgages after imposing tough credit requirements
Thursday, October 16, 2014 - 05:50

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JPMorgan Chase is cutting another 1,000 mortgage jobs after eliminating 6,000 this year as top US banks face a tough task trying to boost their mortgage lending volumes.

Boston

AS the largest US banks rebuild their mortgage lending, with gains last quarter, they face the challenge of finding qualified borrowers and the possibility of rising interest rates.

JPMorgan Chase & Co, Wells Fargo & Co and Citigroup Inc all posted mortgage lending

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