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Hedge fund Seer Capital Management, money manager Angel Oak Capital and Sydney-based bank Macquarie Group Ltd. are among firms buying up loans to borrowers who can’t qualify for conventional mortgages because of issues such as low credit scores, foreclosures or hard-to-document income. They each plan to pool the mortgages into securities of varying risk and sell some to investors this year. JPMorgan Chase & Co. analysts predict as much as $5 billion of deals could get done, while Nomura Holdings Inc. forecasts $1 billion to $2 billion.
The U.S. economy only added 38,000 jobs in May, according to the Labor Department. It was the worst monthly job gain since 2010.
Another key factor -- the U.S. economy is considered to be at or near "full employment" and it's expected that hiring will slow down to a certain degree.
Not for good reasons. More Americans stopped looking for work and fell out of the workforce. That means they aren't counted in the labor force and that brings down the jobless rate. In recent months, more Americans had been coming back into the job market. Now the trend appears to be hitting a plateau.
A record 94,708,000 Americans were not in the labor force in May -- 664,000 more than in April -- and the labor force participation rate dropped two-tenths of a point to 62.6 percent, near its 38-year low, the Labor Department's Bureau of Labor Statistics reported on Friday.
When President Obama took office in January 2009, 80,529,000 Americans were not participating in the labor force; since then, 14,179,000 Americans have left the workforce
This is not a good report, and it may well give Fed officials second thoughts about increasing interest rates again this month or next, as some have suggested lately,” said Peter Ireland, an economics professor at Boston College.
Oh, no wonder I've seen so many commercial projects coming in recently. The new subprime lending crisis but with different names!