Finance Geek

With the country’s housing market still anemic and a backlog of pending foreclosures, the Administration is reportedly considering a plan to refinance millions of extant mortgages at today’s historic low interest rates - an idea kicking around the Beltway for at least a couple of years.
Columbia University economists R. Glenn Hubbard and Chris Mayer first proposed this idea in the fall of 2008. They realized that house prices are (in part) inversely related to mortgage rates and stabilizing house prices was needed to stem the ongoing financial blood loss. The plan’s final…

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This entry was posted on Sunday, October 2nd, 2011 at 6:54 pm and is filed under RealClearMarkets. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.