The latest in a string of blockbuster mega-mergers to hit Wall Street has given the mortgage market pause as it contemplates what looks to be the formation of an extremely formidable competitor in the mortgage world.

Last week's proposed merger of Chase Manhattan Corp. and J.P. Morgan & Co., for $34.3 billion, would combine a leading residential mortgage industry player with a Wall Street firm that, when it comes to real estate finance, has been more active recently in spotlighting the commercial side of the business.

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