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Tag Archives: Unemployment

Fannie: 50% Chance U.S. Economy Will Double-Dip by End of 2012

Mortgage giant Fannie Mae gives the U.S. economy equal chances for a second recession and recovery by the end of next year. Podcasting the 2011 October Economic Outlook, titled Economy at a Crossroads, the company forecasted that GDP will stay below 2 percent for the remainder of 2011 into next year. Among other reasons, the GSE's internal think tank cited trouble in the financial and labor markets, given the euro debt crisis, weak jobs reports, and low consumer confidence. The outlook follows several other similar reports.

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FOMC Minutes Suggest Fed Officials Wanted Bolder Action

Fed

Governors sitting on the board of the Federal Reserve pressed their fellow central bankers for more bond purchases, an idea the institution ultimately rejected in favor of $400 billion in short-term Treasury purchases to offset worries about a new recession. The minutes portray the last meeting of the Federal Open Market Committee, held in early September, as one carefully assessing the current economic climate and an array of fiscal and monetary measures needed to sustain a national recovery.

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Mortgage Rates Climb Higher Following Steep Fall Last Week

After hitting rock bottom last week, mortgage rates returned to previous lows on a somewhat tenuous climb this week as European central bankers seemed to reach a deal and a U.S. jobs report netted better-than-expected results. Leaping forward from a history-making 3.94 percent last week, interest rates for the 30-year fixed-rate mortgage rose to 4.12 percent, according to Freddie. Bankrate.com offered up similar results, showcasing a 4.37-percent 30-year loan rate this week, up from 4.21 percent.

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MBA: Expect 2012 Originations to Hit $900B

Fewer refinance applications will drive mortgage originations substantially lower over 2012, with loan volume plunging from $1.2 trillion over 2011 to $900 billion over the new year, according to recent study by the Mortgage Bankers Association. The trade group tied historically low mortgage rates, plodding existing-home sales and home prices, and a laggardly unemployment rate to the notion that the U.S. will continue to experience trouble ahead in mortgage originations.

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Dispelling Fears, U.S. Adds 103,000 Jobs in September

The U.S. economy bucked low expectations Friday with news that it added over 100,000 jobs over September, masking other figures that continued to confirm the rising appeal of rental properties alongside a decline in homeownership. Nonfarm payroll employment tacked on 137,000 new faces in the private sector, alongside 103,000 for the nonfarm jobs payroll overall ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô a solid forward step in lieu of pale figures from August, which saw the number of lost jobs eclipsing new ones.

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Mortgage Rates Drop Below 4% for First Time

Mortgage rates slammed into a new, record-setting low Thursday, with mortgage giant Freddie Mac reporting that figures for the benchmark 30-year fixed-rate mortgage fell below 4 percent for the first time in history. Finance Web site Bankrate.com noted a similarly record-smashing low for the loan. Making the biggest waves, the GSE found the 30-year loan dropping on average to 3.94 percent nationally, down from 4.01 percent last week and 4.27 percent over the same time last year.

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B of A Moves to Shut Down Correspondent Lending Unit

An inconclusive search for a buyer will lead Bank of America to shutter the mortgage correspondent unit it had originally hoped to sell. The move means the mortgage giant will wipe its hands of the correspondent business by yearend, with a series of transitions in store for the 1,200 or so employees currently on the payroll. It also tracks a broader strategy deployed by the bank to trim billions in expenses, shore up liquidity, and fend off suits over mortgage-backed securities from federal agencies.

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What the Lower Conforming Loan Limits Mean

Making good on promises by policymakers from both parties, Congress allowed the $729,750 threshold for conforming loans with federal guarantees to expire Saturday, pinching high-end borrowers in a marginal number of counties and potentially leaving a swath of new market share for private bankers. Homebuyers looking for more than $625,000 in financing for their mortgage loans will accordingly fall short of eligibility requirements needed for federal insurance.

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MReport Exclusive: 6 Ways for Originators to Survive Today’s Market

Despite mortgage rates hitting rock bottom Thursday, few analysts expect an uptick in demand anytime soon, with consumers concerned about their job security, underwriting standards still tight, and a foreclosure glut competing with home construction. Given tough times, MReport canvassed the industry ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô online, in the field, and on the speaking circuit ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and uncovered 12 strategies relevant to originators in a tough market. Six of these hot tips made it into MReport's online exclusive.

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