July Jobs Data ~ -131k, June huge REVISION! -221K (-125K reported last month), rate holds @ 9.5% & the NY Fed begins foreclosures…
The recovery that wasn’t continues to stumble and fall.
…Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said Friday. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go.
Economists polled by Dow Jones Newswires were expecting total nonfarm payrolls to drop by a smaller 60,000 in July.
The June data was revised down significantly. Payrolls fell 221,000 that month, more than the 125,000 drop previously reported, as only 31,000 jobs were added in the private sector….
We have been discussing how Uncle Sam will be the largest landlord in the US if they continue to use the GSEs to amass property. Now the NY Fed is FORECLOSING on folks, yes Uncle Sam is sending the Sheriff to get you out, example XXXXIIXX of unintended consequences..’Maiden Lane’
James Currell is struggling to prevent his Minnesota home from being foreclosed. But his lender isn’t a bank. It is the U.S. government.
The Federal Reserve Bank of New York is facing the prospect of foreclosing on a number of properties in the coming months, from homes to commercial buildings, a result of a souring mortgage portfolio it took over when it helped bail out Bear Stearns in 2008.
As it deals with delinquent borrowers, a team of New York Fed officials and outside advisers are trying to avoid having the U.S. government, along with local sheriff’s departments, seize commercial properties and homes as it copes with falling real-estate values. In the process, the New York Fed is getting a hard lesson in the challenges of mortgage lending….
…The New York Fed’s stance about how to pursue foreclosures is a sensitive balancing act. If it proceeds with numerous foreclosure proceedings in the coming months, particularly on residential mortgages, it could trigger concern among legislators looking to protect homeowners in their districts. The issue is particularly sensitive because taxpayers helped fund the Bear Stearns bailout….