Fed shed MBS. Loans to “SPVs” flat for fifth week. Repos in disuse. Fed still hasn’t bought junk bonds, stocks, or ETFs. But it sure sent Wall Street dreaming.
Gut-wrenching 30.3 Million Initial Unemployment Claims in six weeks. Florida ascends to Number One as it tries to catch up. “Insured unemployment rates” already over 20% in some states as of Apr 11.
“Builders want extensions on their accounts and ask for better margins. Buyers are down by 50% to 60%. Employees are scared and do not want to work. Everything we do takes twice as long.”
