Bank Of America Just Confirmed The Fed's Fears About The US Mortgage Market

"Bank of America just reported an earnings beat, but its mortgage business — a sector everyone's been watching — was a disappointment.

First-mortgage originations declined 46% from this time last year.

And BAC isn't alone in this. Both JP Morgan and Wells Fargo reported declines in their mortgage businesses yesterday. Wells Fargo managed to crush earnings through cost-cutting measures..."

at http://www.businessinsider.com/bac-beats-but-mortgage-business-suffers-2014-1#ixzz2qUwxEUi4