Mortgage Woes Seen Holding U.S. Growth "Below Trend" - 2007-04-02
A credit crunch caused from turmoil in the subprime mortgage market will cause further weakness in housing and keep U.S. economic growth "below trend" most of this year, a UCLA Anderson Forecast unit declared in a report on Monday. The weak growth will help clear the way for the Federal Reserve to ease monetary policy at the end of the second quarter despite a historically low 4.5 percent unemployment rate, the economic forecasting unit revealed in its report.
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Sector Snap: Mortgage Lenders slide - 2007-04-02
The weakening of the market for "subprime" mortgage debt may be going up to the next rung on the credit ladder. In a Securities and Exchange Commission filing late Friday, M&T Bank Corp., a Buffalo, N.Y.-based regional bank, said it is having difficulties selling some of its loans. What's unusual is that M&T Bank is not a subprime mortgage lender.
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