Credit Card and Debt Statistics Database
by Scott Bilker |
Increase in Mortgage Refinancing |
In 2001 $670 billion of the nation's $5.1 trillion in mortgage debt will be refinanced, according to Mortgage Bankers Association estimates. Fannie Mae economist Orawin T. Velz figures that nearly half of borrowers will add to their loan balances. All told, homeowners could walk away with $55 billion in cash from refis. Spending from that windfall could exceed the impact of the $38 billion tax rebate. |
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Categories: |
Debt,Mortgage Refinancing |
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Reporting Pub: |
Newsweek |
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Reporting Date: |
8/27/2001 |
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Article
Title: |
Maxed Out |
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Article
Author: |
Daniel McGinn |
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Pub's Source: |
Federal Reserve Board |
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Source
URL: |
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