The Fed's recent announcement that it would likely not raise rates this year and that it will stop selling-off assets from it's balance sheet comes very close to more recent announcements of heavy layoffs in the mortgage industry. Non-bank mortgage lender Ocwen Financial has came out saying they will layoff around 2,000 employees, amidst the slowdown in the real estate market. With help from the fed, mortgage rates have now dropped below the 2018 average rate, in what looks to be an attempt to keep the U.S. housing bubble inflated. Will fed intervention be enough to keep heavily indebted consumers qualifying for mortgage loans and stop the housing market from crashing? We also look at some new job announcements in the auto sector but who will buy the cars when recession is in full bloom?
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