Loan Think

What We're Hearing

Published February 05, 2009, 7:00 a.m. EST

1 Min Read

Friday morning is D-day for the latest unemployment numbers. The Department of Labor will release the jobless figures for January and it's expected to be quite ugly with some economists anticipating a national unemployment rate north of 8%. What does all this mean for mortgage servicers? The answer is obvious: laid off workers -- depending on their severance packages, unemployment benefits, and savings -- can only pay their mortgages for so long, unless they find new work. It stands to reason that because the nation's largest servicers control so much in the way of housing receivables they may suffer the most among financial institutions. According to the Quarterly Data Report, the big three of mortgage servicing are: Bank of America, Wells Fargo and JPMorgan Chase. BoA's s shares are trading as though ($4.46 at press time) the market expects a federal takeoverâ¦

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