Economy, Wells Fargo | featured news

Two of the nation's largest banks released third-quarter results that suggest the U.S. housing market, a key factor in the nation's economic performance, is bouncing back as mortgage rates hit record lows and home refinancings surge.

The nation's largest mortgage lender said revenue from mortgage banking jumped almost 80% and consumers borrowed more on their credit cards. But it called the economic recovery uneven.

Several major U.S. banks, led by Wells Fargo & Co, said the troubled economy drove credit losses higher, reducing profitability in the second quarter.