Will there be a trickle-up effect?

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  JPMorgan Chase Cuts Thousands of Positions in Mortgage Lending Sector.

Housing sales are dropping fast, but housing values are, on a regional basis, holding steady – for now. However, the banks and lending institutions are preparing for those values, and the contained equity, to drop and disappear precipitously.

Today Bloomberg is reporting that JPMorgan Chase is shifting around 1,000 employees in the mortgage side of finance with some being laid-off and others being reassigned to different parts of the bank and financial services. This should not come as a surprise, but it does align with other less noticeable moves in the banking and home loan sector.