Wells Fargo, JPMorgan cite housing-market improvement

Home-refinancing activity boosted first-quarter revenue for Wells Fargo and JPMorgan, the banks said. JPMorgan CEO Jamie Dimon said the housing market is "very close to the bottom" and that consumers' debt-service ratios are at levels seen 20 years ago. At Wells Fargo, mortgage applications increased 84% from a year earlier. The Home Affordable Refinance Program represented about 15% of first-quarter mortgage applications, Wells Fargo Chief Financial Officer Tim Sloan said.

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