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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (4493)8/14/2002 12:44:56 PM
From: surfbaron  Read Replies (1) of 89467
 
JW: locked in this am at 5.875% 15 yr fixed nary cash. I axed the broker if the banks were getting fat on the rates/re-fi thing. He said double what they usually call fat, 1% profit on each loan. So I see this re-fi dynamic stagnating soon after all the re-fis get corraled that return cash positive to mortgagee. The rapture will be clearly in sight when the banks lower their mtge rates in the face of rising bond yields. Thats the mother of all inflection points.
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