Limited competition in the industry and a lack of capacity to meet demand is helping JPMorgan Chase (JPM) & Co. Chief Executive Officer Jamie Dimon get "very high" mortgage margins. That's frustrating central bankers such as William Dudley, the Federal Reserve Bank of New York president, who said this month that mortgage rates are higher than they could be after the Fed said it plans to acquire $40 billion of home-loan securities a month.

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