Morning roundup: Earnings season begins

Here's a look at this morning's banking and finance news:

• JPMorgan Chase & Co. reported a 23 percent drop in fourth-quarter profits as investment banking revenue fell and its mortgage business continued to lose value, the Wall Street Journal reports. It was the first major bank to report its earnings for the fourth quarter; Bank of America Corp. reports next Thursday.

• Analysts say despite the decline in profits, JPMorgan's results "bode well" for the rest of the industry, Reuters writes.
  

• The weak lending environment can't be blamed solely on the banks, CNBC reports.

• An improving housing industry will boost the economy this year, according to a Fannie Mae forecast, Bloomberg reports. The forecast predicts sales of new and existing homes will increase 3.5 percent and housing starts will rise 16 percent.

• Stocks fell this morning after reports that a downgrade of European credit ratings could come as soon as Friday, the AP reports.