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Monday, Apr 15, 2024

Possible Bright Spots Appear on the Economic Horizon

The senate voted May 6 to help consumers switch their mortgages to less-expensive, government-backed loans, while also lowering the cost for banks to buy into federally insured loans. The 91-5 vote reflects the government’s desire to curb the foreclosure crisis in the housing market in hopes doing so may help end the recession sooner than it might without such action. “With this bill, we are working to hasten that day so that no family will ever accept losing its home as the way it is,” said Senate Majority Leader Harry Reid (D-Nev). Another potential bright spot in the economy is the expectation that April’s unemployment numbers may show an improvement over the previous month. That projection is based on fewer applications for unemployment insurance during the past week. Thom Senzee

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