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To: yard_man who wrote (54647)	9/25/2002 11:46:44 PM
From: reaper	Respond to of 209892

Fannie Mae, in its letter to lenders, explained that not only did cash-out REFIs default at a higher rate than other REFIs, but that the more borrowers increased their loans the higher the rate of default. bunch of farking geniuses they have over at Fannie. imagine that, the more money i borrow, and the less equity i have in my home, the more likely i am to default. hopefully the same guy who authored that letter/study is the one responsible for hedging their interest rate risk... Cheers