"U.S. Bancorp (USB: 15.96 +4.04%) on Wednesday reported a net quarterly income of $330 million — or 15 cents per share — down from the 53-cents-per-share earnings reported in the previous-year period. The bank’s total residential mortgages increased 3.4 percent to $760 million in the quarter, according to its earnings statement. The bank’s mortgage-related revenue decreased more than 60 percent from the previous quarter to just $23 million in the fourth quarter due in part to “lower production income, partially offset by an increase in servicing revenue,” suggesting that, while origination were low, defaults were high."

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