Worst Month For Mortgage Applications Since 2009 Driving Mass Layoffs

www.zerohedge.com/news/2013-06-05/worst-month-mortgage-apps-2009-driving-mass-layoffs

This morning I was made aware that three large private mortgage bankers I follow closely for trends in mortgage finance ALL had mass layoffs last Friday and yesterday to the tune of 25% to 50% of their operations staff (intake, processing, underwriting, document drawing, funding, post-closing).

This obviously means that my reports of refi apps being down 65% to 90% in the past 3 weeks are far more accurate than the lagging MBA index, which is likely on its' way to print multi-year lows in the next month.