On Air Now

Listen

Listen Live Now » 98.5 FM Battle Creek, Michigan

Weather

Current Conditions(Battle Creek,MI 49017)

More Weather »
77° Feels Like: 79°
Wind: WSW 8 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Partly Cloudy 59°

Tomorrow

Scattered Thunderstorms 78°

Fri Night

Thunderstorms Early 60°

Alerts

JPMorgan expects loss from mortgage originations

A sign stands in front of the JPMorgan Chase & Co bank headquarters building in New York, March 15, 2013. REUTERS/Lucas Jackson
A sign stands in front of the JPMorgan Chase & Co bank headquarters building in New York, March 15, 2013. REUTERS/Lucas Jackson

(Reuters) - JPMorgan Chase & Co expects to see a loss from its mortage origination business in the second half of this year, according to a company presentation for investors on Monday.

The pretax margin from mortgage production is expected to be "slightly negative," according to a slide presentation by Chief Financial Officer Marianne Lake and posted on the company's website ahead of the scheduled mid-day presentation.

The company expects to increase its litigation reserves in the third quarter and release other reserves of $1.25 billion from its mortgage operations, according to the presentation.

Markets revenue in third quarter is expected to be "flat to down 5 percent" from a year earlier. Net interest income for the company is expected to be "slightly up" from the second quarter.

The company is scheduled to release full results for the quarter on October 11.

(Reporting by David Henry in New York; Editing by Jeffrey Benkoe)

Comments