Your three-day weekend is about to commence and you should go into it ready for cocktail party talk or for when you hit the office bright and early Tuesday.

Here you go:

1) Faith Schwartz of CoreLogic on the state of play with GSE risk share:

Despite being in conservatorship since 2008, Fannie Mae and Freddie Mac (GSEs), have remained a significant force in the residential and multifamily housing market. The collective strength of the GSEs and their continued importance to the national housing finance system has resulted in efforts to expand their risk sharing initiatives, in order to minimize exposure both internally and to taxpayers.

Market Overview Current State: State of play RMBS, private label securitizations have been almost non-existent since 2008 and have yet to reemerge. In an effort to fill this void, a number of private placement deals versus traditionally public issued private label securitization transactions, have taken place. In addition, bank balance sheets remain opportunistic and purchase the whole loans that fall outside of the government agency business where those loans fit the individual bank model, risk appetite, funding sources and capital structure.

Absent fully private label market transactions, how do we have true price discovery of residential mortgage credit?

Today, there are two key mechanisms being utilized by investors for residential mortgage credit risk transfers. They include the Fannie Mae Connecticut Avenue Securities (CAS) and Freddie Mac Structured Agency Credit Risk Transfers (STACR). Both programs exist specifically to divert credit risk liability initially borne by the GSEs (thus taxpayers) to private market entities.

2) This hot take from the ever-awesome Lorraine Woellert at Redfin on the Fed and unemployment:

Today’s jobs report was disappointing. Economists expected employers to create 217,000 jobs in August; we got only 173,000. And more adults are simply calling it quits — they don’t work and they’re not looking. Labor force participation is at its lowest in almost two generations.

The news wasn’t all bad. Unemployment hit a seven-year low and the economy is adding jobs at a decent clip, 212,000 a month on average so far this year.

So What?

Today’s report sends no clear signal on the Fed, which will decide this later this month whether to raise interest rates. 

“The evidence tells you two different things. You have to pick which part of the chart you want to focus on,” Richardson said.

While the central bank doesn’t control your mortgage, its actions do affect the economy and financial markets, which can affect the cost of a home loan. For now, we expect mortgage rates to stay low.

3) Your bubble warning? Almost half of homes in New York and Washington D.C. are losing value:

Almost half of single-family houses in the New York and Washington metropolitan areas are losing value, a sign that buyers' tolerance for high prices in many large U.S. cities may be reaching a limit.

The values of 45 percent of houses in both the Washington and New York areas slumped by at least 2 percent in June from a year earlier, according to a new index created by Allan Weiss, co-founder of the Case-Shiller home price indexes. In June 2014, only 15 percent of Washington residences dropped in value, while 20 percent fell in New York. Because the index is of only single-family homes, it doesn't include Manhattan. More properties also were in decline in Los Angeles, Chicago, Phoenix and Miami. 

Bonus: Yellow lab vs. Roomba. A reminder to relax and let someone else clean up for you.