* JPMorgan, Wells Fargo report strong mortgage demand
* Refinancing activity spurs new originations, applications
* JPMorgan’s Dimon: U.S. companies faring relatively well
* JPMorgan results relieve investor anxiety over “London
Whale” losses
* Shares in JPMorgan, Wells Fargo rise, helping lift stock
markets
By Rick Rothacker and Lauren Tara LaCapra
July 13 (Reuters) – JPMorgan Chase Co and Wells
Fargo Co reported strong growth in their mortgage
lending businesses and lower loan losses on Friday, offering
signs of improvement in the U.S. economy.
The banking giants cited increases in mortgage originations
and a strong pipeline of applications, spurred by low interest
rates and a government program intended to spur refinancing.
The performance of JPMorgan’s core businesses helped offset
a $4.4 billion trading loss in its Chief Investment Office,
relieving investors who worried about the impact of the
embarrassing “London Whale trades” on the bank’s bottom line.
Continued…
