House Passes The $15 Billion Dollar Neighborhood Stabilization Act
The U.S. House of Representatives acted today to help communities hit hardest by the housing foreclosure crisis, passing legislation introduced by Congresswoman Maxine Waters (CA-35), the Chairwoman of the Housing and Community Opportunity Subcommittee.
By a vote of 239-188, the House passed The Neighborhood Stabilization Act (H.R. 5818), which authorizes a $15 billion federal grant and loan program to help state and local governments purchase, rehabilitate, and resell or rent foreclosed homes.
The House Begins Debate On $300 Billion Housing Rescue Bill
The House today will begin debate on the American Housing Rescue and Foreclosure Prevention Act which would let the government back loans for homeowners at risk of foreclosure and a move many Republicans have opposed.
The bill is sponsored by House Financial Services Chairman Barney Frank, D-Mass and had this to say about the housing package.
Federal Reserve’s Survey Reports Are Banks Tightening Mortgage Standards
The Federal Reserve released it’s April 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices which reports lending standards at U.S. banks are increasingly stringent.
Majorities of domestic respondents reported that they had tightened their lending standards on prime, nontraditional, and subprime residential mortgages over the past three months. About 60 percent of domestic respondents—a somewhat larger fraction than in the January survey—indicated that they had tightened their lending standards on prime mortgages. Of the 37 banks that originated nontraditional residential mortgage loans, about 75 percent—a somewhat smaller fraction than in the January survey—reported a tightening of their lending standards on such loans over the past three months. Finally, 7 of the 9 banks that originated subprime mortgage loans—a somewhat higher proportion than in the January survey—indicated that they had tightened their lending standards on such loans.
March Unemployment Rate Up To 5.1 Percent From 4.8
The unemployment rate rose from 4.8 to 5.1 percent in March, and nonfarm payroll employment continued to trend down (-80,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Over the past 3 months, payroll employment has declined by 232,000. In March, employment continued to fall in construction, manufacturing, and employment services, while health care, food services, and mining added jobs. Average hourly earnings rose by 5 cents, or 0.3 percent, over the month.
Unemployment (Household Survey Data)
2008 Best Places for Business and Careers by Forbes
Forbes magazine released the 10th annual ranking of the Best Places for Business and Careers.
Common themes for the business-welcoming metros include solid job growth, an educated labor supply and low business costs. Interestingly, six of the 10 metro areas are anchored by capital cities; maybe lobbyist spending boosts an economy.
Topping the list for a second straight year is Raleigh, N.C. Business costs are 14% below the national average, and the area boasts one of the most educated labor supplies in the country, with 38% of the adult population possessing a college degree and 12% holding a graduate degree. Raleigh’s secret is out, though, as people have been flocking to the area.
U.S. Unexpectedly Lost Jobs In February For The Second Consecutive Month
Nonfarm payroll employment edged down in February (-63,000), and the unemployment rate was essentially unchanged at 4.8 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Employment fell in manufacturing, construction, and retail trade. Job growth continued in health care and in food services. Average hourly earnings rose by 5 cents, or 0.3 percent, over the month.Unemployment (Household Survey Data)