Weekly legislative update 3-9-2009: February Budget Forecast. The federal stimulus package, recently passed by the U.S. Congress, has boosted Minnesota's new budget forecast from a projected $6.4 billion deficit to $4.6 billion projected shortfall for FY2010-11. Even so, "We're in the worst recession in the post-war era," said state economist Tom Stinson. The recession in Minnesota is projected to cost another 70,000 jobs in the coming year. Before it's over, Minnesota's job losses could reach 120,000. Unemployment, already at 7.6 percent in Minnesota and nationally, could gallop to 9.4 percent this year, Stinson said. View the whole update.
As the industry leader in Minnesota, Minnesota Mortgage Bankers Association (MMBA), a chapter of national Mortgage Bankers Association in Washington, D.C., enables its members to interact within the community and promotes the interests of the Association and its members within the public and private sectors in the state.
The Association provides its members with continuing education opportunities, access to state regulators and the ability to network with mortgage banking professionals throughout the state.
Membership in the Association is the perfect opportunity to interact with peers who are facing the same real estate finance business challenges in Minnesota during this dynamic period. It gives members the ability to form a consensus on policy issues and communicate with one voice to the state legislature. Membership also ensures you are aware of the latest state licensing requirements and federal rulemakings that could affect your business.
| Market research data is now available via the Minnesota State Mortgage Market Data sheet for third quarter 2008. The data is based on the Mortgage Bankers Association National Delinquency Survey. The survey covers approximately 85% of the first mortgage loans outstanding. The estimates are derived from survey coverage rates by loan type. Download the data sheet. |