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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (132422)	11/1/2001 4:33:44 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

everybody who isn't a numbnut that owes money on their house has refi'd by now. I don't really think that is what they were trying to do ... more like trying to patch a hole somewhere and QUICK. Someone exposed to Argentina or some such needs some buyers of paper they are forced to sell without causing trouble -- temporary supporet maneuver of some kind. "jump-starting" the economy is for the dunder-headed media -- the Fed and Treasury have no such illusions -- though they may utter the phrase 10 times a day when called upon to do so. They are currently managing the crisis du-jour, IMO. Les posted an article by Kasriel the other day -- you look at the chart in there which shows cash-out refis -- they have been declining for a few quarters. People doing it now aren't doing it to get spending money -- just to lower debt service ... but I think it's about over. Watch how long those rates stay down

To: patron_anejo_por_favor who wrote (132422)	11/1/2001 4:50:01 PM
From: benwood	Read Replies (2) \| Respond to of 436258

I never thought I'd see the day I could cost-effectively refinance my 6.75% mortgage, but I turned in the paperwork today. I'm pulling out a ton of cash, too, going to 120% of equity, and putting it all in my margin account, and all that's going into shorting gold stocks. <g> Wait, that was my alter ego talking... I hope to get 6.00% or better, shorten the term of my loan to 15 years from about 20 now and still pay it off earlier than that, saving about 1 to 1.5 years of the payments I'm currently making (i.e. I'll make the same payment as now). So... might as well get some Greenboink cash even though I'm not in the top 1%. Just gotta have the mortgage market stay intact for another few weeks now!