Employment in the mortgage industry held steady in December after lenders added 32,200 new employees to their payrolls in 2004, according to Friday's jobs report by the Bureau of Labor Statistics.The BLS reported that employment in the mortgage banking/broker sector rose by only 200 full-time positions in December to 486,400. (There is a one-month delay in the release of mortgage employment data. The BLS will release the January data on March 4.) Data for the full year show that the annual rate of employment in the mortgage industry rose by 6% in 2004, to 473,800. Meanwhile, Friday's employment report showed that the economy generated 146,000 new jobs in January, and the unemployment rate declined to 5.2%.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
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The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16 -
In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16