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The MReport Webcast: Friday 1/15/2016

JPMorgan Chase announced Thursday that its net income reached 5 point 4 billion dollars or 1 dollar 32 cents per share for the fourth quarter of 2015, down from the 6 point 8 billion dollars, or 1 dollar 68 cents per share that was reported in the previous quarter. 2015 fourth quarter earnings statement Last year, earnings were 4 point 9 billion dollars.Year-over-year in the fourth quarter of 2015, JPMorgan's earnings totaled a record-breaking 23 point 7 billion dollars, up from 23 point 5 billion dollars in the fourth quarter of 2014.

The mortgage banking division of the bank experienced a disappointing fourth quarter, with net income totaling 266 million dollars, down 21 percent year-over-year. Net revenue also fell 10 percent to 1 point 7 billion dollars. On the bright side, higher loan balances pushed net interest income up 11 percent to 1 point 1 billion dollars.

Fannie Mae’s Economic & Strategic Research Group Consumer expects spending to underpin economic growth this year, as it did in 2015, and for residential investment and government spending to help drive growth, despite some drag from net exports. Overall, the ESR Group expects the economy to grow 2 point 2 percent and the pace of improvement in total home sales should be about 4 percent in 2016. Affordability is expected to shrink, especially in the lower-end of the market, where strong home price gains still outpace household income growth.

About Author: Seth Welborn

Seth Welborn is a Harding University graduate with a degree in English and a minor in writing. He is a contributing writer for MReport. An East Texas Native, he has studied abroad in Athens, Greece and works part-time as a photographer.
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