JPMorgan Chase's pullback from the mortgage market is sending shock waves through the industry, underscoring the grim prospects for lenders in the face of lackluster home sales.

Home lending has been "the most painful business ever," JPMorgan CEO Jamie Dimon said at an investor presentation Tuesday, when the New York megabank announced it would cut another 6,000 mortgage jobs this year, on top of 11,000 last year.

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