Cramer: Did Wells Fargo Miss 'The Great Mortgage Moment'?
CNBC's Jim Cramer was disappointed by Friday's earnings report from Wells Fargo, as the bank topped profit expectations but showed a slowing mortgage business and a miss on revenue.
"How could they not kill it on mortgages? Isn't this the great mortgage moment?" Cramer asked. "They did not kill it. They disappointed. This was not a good quarter for Wells Fargo."
"Wells Fargo should have crushed it. I was looking for certain mortgage numbers," Cramer said. "Wells is a dominant player in the mortgage business and I thought that the numbers would be a blowout."
The bank made $109 billion in home loans during the quarter, down from $129 billion in the same quarter a year ago and less than the $125 billion in loans extended in the fourth quarter. Fees from mortgages dropped 2 percent to $2.8 billion from a year earlier, and were down 9 percent from the fourth quarter.
"Wells Fargo on paper looks bad, but I await the conference call," Cramer said. "On paper, JPMorgan, not that bad. Wells is a creature of most of the small business formation, but also mortgages and I just expected more lending to people buying homes, given the numbers we see."
"I can make a case that JPMorgan had a good credit situation, [it] does have this international banking business," he added. "I think that JPMorgan is incredibly well managed, given the fact that small business is simply not there."
"I needed to see the banks do better. This is a weak start to the banking season," he said.
(Read More: America's 'Boring Bank' Gets Makeover)
Cramer said that broadly housing remains strong and "some of the regional banks will be good."
"I love the financials as a tell and I've liked the market, but I have to see all systems go. I need to see Wells Fargo surprise to the upside," he said. "I await for Wells Fargo to tell me I'm wrong and tell me that this was a blow out."
"I want to hear the conference call so that I can be less saturnine," he added.