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 actual number of initial unemployment claims under state programs was 269,689 for the week ending May 10. That’s down 19,059 from the previous week, and significantly beat analyst expectations, which had predicted an increase of 2,887.
The unemployment rate dropped from 6.7% to 6.3%, largely on 806,000 people dropping out of the workforce. But, analysts note that the question remains as to whether the improvement is a catch up from adverse weather.
The financial sector experienced the largest number of layoffs in February compared to other sectors, but unlike recent reports, the cuts follow successful companies taking proactive steps in adjusting to new realities.
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