Refis Actually Did More Damage During The Housing Crisis -UI

Refis Actually Did More Damage During The Housing Crisis -UI

Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention.  In fact, Linda Goodman, Co-director of UI's Housing Finance Policy Center says rampant refinancing probably played a major role in the housing crisis.

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Loan Pay-Offs Hit Three-Year Low

Loan Pay-Offs Hit Three-Year Low

As further evidence that the era of refinancing is ending, Black Knight Financial Services says that prepayment speeds (the SSM rate), historically a good indicator of refinancing, declined 15 percent in February.  In its regular "first look" at mortgage performance activity for the month, the company says that this is the lowest monthly rate for prepayments in three years, and brings the total decline thus far in 2017 to 40 percent.

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