Today's WSJ has a report on how individuals with middle to low credit ratings are unable to refinance their mortgages. On the one hand, this means that we are not getting as much economic bounce from 3-4% mortgage rates as we did in earlier recoveries -- and this is the main focus of the article which plays this an equity issue. Expect to hear more of this in the election.
My take -- sure the stimulus from the Fed is being muted. But didn't we got into this mess because too many people with low credit ratings got into houses they could not afford? I don't think the real estate bubble worked out too well before, so why start another one? Oh, there's an election.
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