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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Giordano Bruno who wrote (193631)9/25/2002 10:38:02 AM
From: BDR  Read Replies (3) of 436258
 
From today's WSJ and also available online:

Fannie to Tighten Its Rules
For Cash-Out Refinancings

By PATRICK BARTA ANDJohn D. McKinnon
Staff Reporter of THE WALL STREET JOURNAL

In a move that could take some wind out of the mortgage-refinancing boom, and thus the economy, Fannie Mae has told lenders it is tightening standards on cash-out loans. Internal research indicated some of the loans were defaulting at higher rates than other mortgages.

The changes, for now, are minor. But they do coincide with growing uneasiness in the financial world over the performance of all mortgage loans, which have experienced higher delinquencies and rising foreclosures this year amid a struggling economy.
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