The official unemployment rate declined to 11.1% in June from 13.3% in May while total unemployment rate dropped to 18% from 21.2%. Permanent job losses increased 7% on the month. The degree of misclassifications has “declined considerably” and would have contributed only 1% to the total rate. Initial jobless claims for the week ending June 27 shows another 1.4 million Americans filed for unemployment insurance for the first time. This metric has remained stubbornly high, averaging 1.5 million over the past 4 weeks.
Read SFA’s press release discussing the OCC’s final rule clarifying the valid-when-made doctrine. We appreciate the OCC acting to provide certainty to the securitization markets in the wake of Madden and subsequent lawsuits in New York.
SFA delivered an urgent request to the Fed and Treasury requesting immediate funding assistance to provide liquidity to support markets, consumers, businesses and the entire economy impacted by COVID-19 mandatory quarantines.
WiS developed a series of interactive and educational virtual programming entitled “Wednesdays with WiS” to keep our members engaged during the global pandemic. Please enjoy a clip from one of our previous Wednesdays with WiS webinars.
Check out the video sessions from SFVegas 2020, with topics ranging from the LIBOR transition to applications of ESG in structured finance.
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