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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: loantech who wrote (15716)	2/22/2009 4:53:11 PM
From: Mannie	1 Recommendation Read Replies (1) \| Respond to of 50279

on the subject of loans.. I have a successful businessman buddy in Marin County, that has a beautiful 5-6 million dollar house, or whatever it is worth today. He has a 30 year fixed loan with a payment of $12k per month that he has no problem making, he is never late on payments. Out of the blue, Washington Mutual calls him up and says they want to offer him a refinance opportunity. They offer to refinance his loan @ 1.5%/30yr fixed. He asks what is the catch......no catch. He has his attorney look over the offer, then went ahead with the refinance. Now he has that 1.5% loan, and his payment dropped to $4k. Why would Wamu do this? I want one of those refi's!