Jobless claims plummeted by 19,000 filings to 284,000 for the week ended July 19, the lowest level for initial claims since Feb. 18, 2006. But it's what is hidden behind the numbers that is important to note.
The four-week moving average for seasonally adjusted insured unemployment was 2,571,250, a decrease of 7,750 from the previous week's revised average. This is the lowest level for this average since October 27, 2007 when it was 2,561,750.
The total number of people claiming benefits in all programs for the week ending April 5 was 2,922,187. There were 5,065,908 people claiming benefits in all programs in the comparable week in 2013. That’s a drop of 2,143,721, or 42.3% from the same time last year.
Melvin Luther Watt quietly slid into his office as the first appointed director of the Federal Housing Finance Agency. It was the end of last year, in mid-December. Christmas was coming and the markets were in the middle of the harshest winter in years. As he took over the office of Acting Director Ed DeMarco — himself the unassuming lightning rod for the nation’s housing policy — Watt gave no indication of what he intended to do with his new position; arguably the most powerful job in mortgage finance..
Crowdfunding has swept through large verticals of consumer finance, including student loans and credit card debt. And so, naturally, in a market of rising property values, the real estate market is the latest frontier for crowd-based financing. Read More
Like oxygen, warehouse lending is one of the mortgage industry’s essential life-supporting elements. And fortunately, the warehouse segment is in much better health today than it was six years ago, as we are back up to around 70 warehouse lenders at my last count. Read More