07/21/2016 12:27 am
NEW YORK—It’s mortgages (again) to the rescue of the earnings of numerous major banks, although overall profits are down from one year earlier. JPMorgan Chase & Co., Wells Fargo & Co., and Citigroup Inc. reported they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31%, over the first quarter, according to Reuters.