Statement by Sen. Bachus on Senate amendments to HR 3221, American Housing Rescue and Foreclosure Prevention Act of 2008

Mortgage job losses leveling off?MortgagePress.comU.S. Bureau of Labor Statistics, mortgage industry employment, Mortgage Bankers Association According to a recent U.S. Bureau of Labor Statistics report, mortgage industry employment appeared to stabilize, standing at 364,100 in February and edging down from 364,800 in January. Mortgage activity, such as refinances and loan workouts, has kept the Mortgage Broker/banker industries busy, cutting the loss of jobs to approximately 700. "Job losses seem to be stabilizing," said Orawin Velz, senior director of economic forecasting for the Mortgage Bankers Association. "That is good news for us." Industry experts continue to predict further declines in employment before the economy begins to turn out of the recession. Velz predicts that refinancing activity will keep the origination numbers strong throughout the first quarter, but will slow in the second quarter as the economic stimulus package takes effect. For more information, visit www.bls.gov.