The official version of reality in use this week at the White House says that the U.S. economy is recovering, slowly but surely, and unemployment is falling. The same perspective says that residential real estate markets are stabilizing and banks are starting to lend more aggressively. None of these statements are true, but there are quite a few people in the White House who believe them nonetheless. My view is a bit different, namely that unemployment is likely to remain at current levels during the balance of 2010. The sharp reduction in credit available to the real economy and the overhang in the mortgage markets are not likely to improve anytime soon. I spoke about the economic outlook with Larry Kudlow and James Glassman on CNBC last Friday: “Double Dip Fears Mount.”
Obama & Frank: double dips and Washington exit strategies
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products