And it reiterated previously announced plans to shed 13, 000-15, 000 jobs at its mortgage banking unit.
Morgan's earnings topped analysts' expectations, but mortgage banking and loan growth were weaker than expected.
Mortgage banking is incredibly strong as evidenced in the third quarter by some of the biggest lenders.
FORBES: Even With $37.6B In Profits Banks Remain Under Pressure
For now it seems there are a few sweet spots helping banks like mortgage banking mentioned above.
FORBES: Even With $37.6B In Profits Banks Remain Under Pressure
We can't allow our friends in the mortgage banking community to say that, well, we'll let the market dictate.
Wachovia's (nyse: WB - news - people ) undoing was its ill-timed foray into mortgage banking in California.
Reserves for losses from delinquent loans are expected to continue to drop, but so are profits from mortgage banking, he said.
The revenue increase came primarily from noninterest income growth in mortgage banking, combined with a mild increase in net interest income.
The bank reported an increase in deposits and a 57% increase in mortgage originations, though mortgage banking income was down from a year ago.
He didn't specify when mortgage banking would drop to those levels.
Expect more of that mortgage banking strength in the fourth quarter even from the likes of Bank of America which has scaled back its mortgage activity.
FORBES: Even With $37.6B In Profits Banks Remain Under Pressure
Freddie Mac, the mortgage banking giant that has been a unit of the U.S. government since 2008, reported a smaller loss than last year amid a still faltering housing market.
The Residential Mortgage Banking segment directly originates primarily first lien residential mortgage loans on a nationwide basis with a significant presence within the retail banking footprint, and also originates loans through majority and minority owned affiliates.
The company through its bank provides traditional commercial, retail and mortgage banking services, as well as other financial services in the fields of investment banking, asset management, trust, mutual funds, securities brokerage, insurance and other specialty financing.
U.S. Bancorp continues to eat into the market share of competitors like Bank of America and Citigroup, who have reduced their mortgage banking activities over recent quarters to rein in losses from their existing portfolio.
FORBES: U.S. Bancorp Pumps Out Record Results As Mortgage Revenues Jump
Deluxe (nyse: DLX - news - people ), which has bought back 9.1% of its shares over the past year and NVR (amex: NVR - news - people ), which operates in the construction and marketing of homes as well as in mortgage banking.
Later, the Ryabushinskys would import machinery from Manchester, send their sons to study abroad, enter the mortgage-banking business.
But the second half of 2008 brought the subprime mortgage and banking crises that sent the markets reeling.
And Bank of Scotland, the loser in that auction, is expanding in Europe, having launched successful telephone mortgage-banking operations in Ireland, Belgium and the Netherlands.
ECONOMIST: The financial industry in Scotland is enjoying a quiet boom
Low interest rates have encouraged a boom in retail banking and mortgage refinancing: income from retail banking jumped 63%.
Mortgage lenders and banking regulators reached a settlement this month to review loans where homes were seized and for banks to pay back losses if they were in the wrong.
It promotes greater financial access and integration for immigrants through banking, mortgage services, financial education and scholarships.
Despite shedding its insurance underwriting and asset management units in the last year or so, Citigroup continues to operate in a stunning variety of businesses, from subprime mortgage lending and branch banking to investment banking, private equity and securities servicing.
He criticised the combination of ordinary banking, such as business lending and mortgage payments, and so-called casino banking.
The Mortgage Bankers Association and other banking lobbies campaigned vigorously against the proposal, which would have allowed judges to write down the value of mortgages.
Current account holders and people with mortgages should be sent copies of the industry codes - the Banking Code and Mortgage Code every two years.
Even with the banking bailouts, mortgage crisis, a plummeting stock market and rising unemployment, the thinking goes, we can at least be grateful that we're not Mexico.
The House Builders Federation said the lack of mortgage availability since the 2008 banking crisis had been "the biggest constraint" on new homes and the indemnity scheme would help to address this.
Earlier this week the former head of the HBOS mortgage bank, Sir James Crosby, recommended that the government take direct action to stimulate the flow of mortgage funds to the UK banking industry.
The ratings agencies were vilified as crisis culprits for allowing worthless mortgage securities to spread throughout the banking system.
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