On Monday, a JP Morgan Chase & Co. presentation for investors forecast losses from its mortgage origination business. This was seen to occur by the second half of this year.
The presentation from the company for its investors was done by JP Morgan Chase & Co. Chief Financial Officer Marianne Lake. Through a slide presentation, Lake showed that the pretax margin from the mortgage production would be slightly on the negative side. This was posted on the company's website before the scheduled mid-day presentation.
By third quarter of this year, JP Morgan had expected to increase its litigation reserves according to the presentation. The company would also also release the other reserves worth USD1.25 billion.
The revenue from the mortgage markets in the third quarter was expected to be lower by 5% from a year earlier. Net interest income for the company was also expected to go up from the second quarter.
JP Morgan would release the full results for the quarter on October 11.
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