Thread: Scramble to Refinance as Home Prices Collapse

Scramble to Refinance as Home Prices Collapse

Friday, March 28, 2008 11:58 a.m. EDT

The volume of mortgage applications soared 48.1 percent last week — driven by homeowner refinancing — and economists believe most of the loans will be approved by lenders.
Research from the Mortgage Bankers Association in Washington, D.C., indicates that its application index increased to nearly 966 from 652 the previous week.

Application volume soared on an 82 percent increase in refinance application volume during the week. Purchase volume increased by 10.6 percent.

"Refinance applications accounted for 62 percent of all applications, after dipping below 50 percent last week for the first time all year,â€

Why is this a reason for celebration within the industry?

Don't they realize that the majority of these refi's are most likely illegals who are collecting the cash and running out on the loans?

This is the latest big laugh at the expense of the US.

How can these people be so blind and stupid?