The MReport Webcast: Monday 5/11/2015

The government's Home Affordable Refinance Program and Home Affordable Modification Program will be extended until the end of 2016, according to an announcement from FHFA Director Mel Watt on Friday. Speaking at the Greenlining Institute 22nd Annual Economic Summit, Watt announced the one-year extension of the government's two affordable housing programs, which began in 2009 in response to the housing crisis. Both programs were set to expire at the end of 2015.

The participation rates for both programs have on the decline, partly because many borrowers are already participating in one program or the other, and partly because of recovering house prices, Watt said, but lenders and sevicers continue to approve modifications through HAMP and refinances through HARP. Watt said that this will be the final extension for FHFA's participation in HAMP and he anticipates that this will be the final extension for HARP, adding that neither program was intended to be permanent.

Payrolls increased nationwide in April by 223,000, rebounding from March's disappointing showing, according to the April 2015 Employment Situation released Friday by the U.S. Bureau of Labor Statistics. The nation's unemployment rate remained unchanged from March to April at 5.4 percent. One occupation that experienced gains in April was construction, which increased by 45,000 during the month after changing little in March. Construction has added 280,000 jobs in the last 12 months.