Mortgage companies dropped 9,100 full-time employees from their payrolls in November, and over 100,000 mortgage-related jobs have been lost in the wake of the subprime meltdown.The U.S. Bureau of Labor Statistics reported Jan. 4 that employment in the mortgage banker/broker sector declined from 401,000 in October to 391,900 in November. Nearly 110,000 loan officers and other mortgage workers have lost their jobs or left the industry since November 2006. Over the same period, 200,000 construction workers have lost their jobs. Meanwhile, President Bush is considering new initiatives to stimulate the economy and stabilize the housing market. And Friday's dismal jobs report, which indicates that the unemployment rate jumped from 4.7% to 5.0% in one month, is going to put more pressure on White House officials to come up with a stimulus package to reverse a slowing economy. The BLS can be found online at http://stats.bls.gov.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
April 25 -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25