Citi: Thoughts on Meeting with Frank Bisignano

In a research report published today by Citi, the company has a positive outlook for JP Morgan Chase's

mortgage business, long-term. Citi said in the report, “We met with JPM CAO and Head of Home Lending Frank Bisignano. While Bisignano expressed a neutral outlook on the housing market, his outlook for the JPM's mortgage business was relatively upbeat, noting: 1) Expectations of decent near-term origination pricing power given competitor exits & refi demand helped by Harp 2.0, 2) Likely moderation of foreclosure servicing costs in 2H12, 3) New front-end mortgage sales technology going in place in July that should boost loan officer productivity, 4) Nov 2011 consolidation in back-office systems that should improve processing efficiency this year, and 5) Continued progress in customer service.” Citi maintains its Buy rating and $42 PT on JP Morgan Chase, which is currently trading at $38.73.