Employment Report Disappoints but Probably Won’t Delay Federal Reserve’s Tapering Plan

The September employment report disappointed analysts; will it also complicate the Federal Reserve’s plan to begin withdrawing the monetary support that has cushioned the economy throughout the pandemic?

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If you’ve been following the “Thinking Out Loud” discussions posted periodically on this site, you have seen several in which Members Mortgage President Joe Zampitella has highlighted the dangers reverse mortgages pose for the seniors who obtain them and the credit unions that originate them. It appears that some federal bank regulators share his concerns about this fast-growing mortgage product.

The bankruptcy cram down measure has come full circle, evolving from long shot to sure thing and then back to uncertain, before dying two weeks ago on the Senate floor. 

In a still lagging effort to get ahead of a rising foreclosure tide, Congress has approved the Help Families Save their Homes Act. The measure revises an existing program – Hope for Homeowners – which has fallen well short of predictions that it would help more than 300,000 struggling homeowners avoid foreclosure by refinancing unaffordable, adjustable rate loans into lower-cost FHA-insured mortgages.

Swine flu aside – and it now appears that we may be able to set it well aside, at least for now – the economic news has acquired a decidedly more positive hue in recent weeks, moving from jet black to much lighter shades of gray, with hints of blue visible to some analysts.