Vi,
This might have something to do with it,,, maybe not. I still don't get this at all the numbers just don't add up:
businessweek.com
In general, a mortgage is deemed "refinanceable" if it is 0.40 percentage point above current average mortgage rates. And the recent drops in mortgage rates have made up to 7 million mortgages, or more than 70 percent of U.S. mortgages, eligible for refinancing, according to Tony Crescenzi, a fixed-income analyst at Miller Tabak.
stockhouse.ca
Of the US $10 trillion mortgage market, GSE (Government Sponsored Enterprises) hold about $1.5 trillion, leaving $8.5 trillion in private hands. Within this US $8.5 trillion, we have various grades and categories, with grades ranging from AAA, AA, Alt-A, BBB, and categories such as the traditional 30-year fixed, and non-traditional ARM (adjustable rate mortgage), ARM with teaser rate, interest only, and negative-amortization.
divide 10 trillion.... by 7 million... you get 1.4million per mortgage which is...BULL....
so...
From this, I'm scratching my head who the liar is... 10 million mortgages seems like a low number... 100 million mortgages sounds pretty reasonable.. except that means that 1/3 of all americans own a home...maybe not so...
at any rate, the numbers being batted about are just WRONG...
maybe my understanding of plain english is amiss? |
