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Compliments of Associated Press and Yahoo! Finance: Rachel Beck, AP Business Writer, On Friday August 6, 2010, 1:07 pm EDT
NEW YORK (AP) — Lots of homeowners are frustrated these days that they can’t seem to get a mortgage refinance even though interest rates are at historic lows. It turns out they’re not alone.
Plenty of people on Wall Street would also love to see a boom in refinancing activity, saying it would be a near-painless way to inject more money into the economy. If more people can refinance, the thinking goes, the more cash they’ll have to spend.
Those economists and analysts calling for a mass mortgage reset say it could be engineered by the government, which controls the giant mortgage lenders Fannie Mae and Freddie Mac. Have them loosen underwriting standards and give breaks on fees, and more people will qualify to refinance. ( read more )
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