Job Market Tanks, Mortage Rates Fall

There's not a whole lot to feel good about in the Labor Department's unemployment statistics released today: the unemployment rate is still climbing at an alarming rate, now at 6.7 percent. Employers cut 533,000 jobs in November alone. This is the biggest job reduction since December of 1974, when the country was in a severe recession. Meanwhile, Washington is continuing to try and loosen up credit and revitalize the housing market, in an attempt to shore up the underpinnings of the economy. Larry talks to business writer Mark Lacter and Robert Satnick of the California Mortgage Bankers Association about what the numbers mean for our area.