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Sunday, December 13, 2009

NYTimes: Interest Rates Are Low, but Banks Balk at Refinancing

NYTimes: Interest Rates Are Low, but Banks Balk at Refinancing http://s.nyt.com/u/vWq

Well, this just takes the cake. Banks received a bailout the likes if which have never been seen in this world. By a similar act by the government, interest rates are at a 70 year low, which is about as close to zero as it will ever be, at least until my money tree out back blooms and fruits next spring.

All this news suggests that it's a fine time to refinance those home mortgages, but is that happening? Oh, noooooo! The banks have tightened the requirements to the point that most people cannot qualify.

So instead of swapping out the current mortgage for one more affordable, home owners must continue to pay the old rates while the banks pay the new rates.

Is there no end to the freakin' greed? Apparently not. I am generally no fan of the federalization of an industry, but in this case, I do believe I could make an exception.





Location:Westgrove St,Raleigh,United States

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