"We're trying to make clear to you this would be a dramatic reduction in profits," says Jamie...

|By:, SA News Editor

"We're trying to make clear to you this would be a dramatic reduction in profits," says Jamie Dimon (JPM), responding (earnings call) to a question about mortgage revenue guidance. Mortgage production could drop 40% if rates stay at their current level, says CFO Lake. Earlier, the bank reported originations up 12% from a year ago, but off 7% on a sequential basis.