Large banks return to black in Fed backed mortgage recovery, Bloomberg reports

theflyonthewall.com

Mortgage revenue at Wells Fargo (WFC), JPMorgan Chase (JPM), Bank of America. (BAC), and U.S. Bancorp (BAC) is surpassing the costs of faulty home loans and foreclosures from the housing boom as Fed and government policies help fuel the recovery, reports Bloomberg. The four banks reported $24.4B from home lending in 2012 and expenses of more than $21.7B for settlements and loan repurchases, according to data compiled by Bloomberg.

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