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Credit Card and Debt Statistics Database
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
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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.
        Categories:  Debt,Mortgage Refinancing
        Reporting Pub:  Newsweek
        Reporting Date:  8/27/2001
        Article Title:  Maxed Out
        Article Author:  Daniel McGinn
        Pub's Source:  Federal Reserve Board
        Source URL: 

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