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August 9, 2010

All Business: Risks abound if too many refinance

  • Ushering in a refinancing boom would only be a short-term fix for the housing market and the economy that would have long-term consequences.
  • By RACHEL BECK
    AP Business Writer

    NEW YORK — Lots of homeowners are frustrated these days that they can't seem to get a mortgage refinance even though interest rates are at historical lows. It turns out they're not alone.

    Plenty of people on Wall Street would also love to see a boom in refinancing activity, saying it would be a near-painless way to inject more money into the economy. If more people can refinance, the thinking goes, the more cash they'll have to spend.


     
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