Employment Report Disappoints but Probably Won’t Delay Federal Reserve’s Tapering Plan

The September employment report disappointed analysts; will it also complicate the Federal Reserve’s plan to begin withdrawing the monetary support that has cushioned the economy throughout the pandemic?

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With the blueprint for resuscitating the banking industry, for better or worse, now in place, President Barack Obama has turned his attention to the housing market, announcing a $275 billion government effort to help as many as 9 million homeowners at risk of losing their homes.

Financial industry lobbyists fighting (not very successfully thus far) to block mortgage cram-down authority for bankruptcy judges will not be pleased with this news. 

Legislation allowing bankruptcy judges to modify the terms of home mortgages, introduced, as expected, in the early days of the new Congressional session, received an unexpected boost when Citicorp broke ranks with the banking industry and withdrew its opposition to the measure.

The new credit card regulations finalized last month have brought bankers an early, bracing blast of the frostier regulatory climate they are expecting with Democrats once again controlling the White House and holding majorities in both the House and Senate.