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Pastimes : The Big Picture - Economics and Investing
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To: Arik T.G. who wrote (614)2/1/1999 8:46:00 PM
From: TimbaBear  Read Replies (1) of 686
 
Please excuse me for intruding, but I have been a "lurker" here for many months and thought I'd add something that I have been seeing in my capacity as a residential mortgage loan originator......I am starting to see increasing numbers of people come in who want to refinance.....but can't.....what they already owe on their home is too much to permit the refinancing of the first mortgage ( due to loan-to-value (LTV) and combined loan-to-value (CLTV) ratios being too high for the underwriting guidelines published by FNMA and FHLMC).....they can't refinance the Second mortgage because the rate difference isn't enough or they have a pre-payment penalty.....this is not, by any means, the majority of folks that I see.....but it does appear to be an increasing percentage.....I would think that this is going to have some braking effect on the economy if it continues.....and it might have some interesting other effects if people owe to much on their homes to sell them when they want to.
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