Industry NewsMortgage

Bad news: Mortgage industry heads for layoffs

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Everything's coming up roses, or at least greenbacks, in the next three years, with strong economic growth through 2007 and strong, if only slightly slower, housing demand, according to the Mortgage Bankers Association. "It's going to be a 'what have you done for me lately' situation, because though things are still at a record level, people are going to look at the records of the last two years and feel it's slowed," said Doug Duncan, MBA's chief economist, at the association's State of the Real Estate Finance Industry press briefing Thursday. The group also shared its advocacy agenda for 2005. The MBA forecasts the gross domestic product will grow 3.6 percent this year, 3.6 percent in 2006 and 3.5 percent in 2007. The unemployment rate will decline from the current level of about 5.4 percent to 5.2 percent by the middle of 2007. "There will be strong economic growth and continued employment growth in 2005," said Duncan. However, there's some bad news for real estate industry pr...