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JPMorgan Slashes Mortgage Products Along with Jobs
February 25th, 2014 2:22 PM

The company plans to eliminate 22 of its 37 mortgage products
and programs by the end of 2014, according to a Tuesday presentation
to investors. It has already jettisoned 12 and plans to get rid
of 10 more by the end of the year.

JPMorgan will also cut 8,000 jobs from its consumer and
mortgage banking divisions this year, according to the
presentation. The company attributed the decision to the
refinancing slowdown.

Among the products on the chopping block are JPMorgan’s
partnership rewards program, nonagency relationship credit
program and second-lien home equity loan, according to the
presentation.

The company is "committed to the mortgage business for the
long run" despite current challenges facing the industry,
mortgage banking chief executive Kevin Watters said to
scattered laughter during the presentation.


Posted in:General
Posted by Eric Fang on February 25th, 2014 2:22 PMPost a Comment

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