Second-mortgage holders blocking re-fi attempts
Bob Morris @ Mar 3rd 2008 00:21 - Category: Credit crisis
Everybody wants to help keep people in their houses and out of financial stress and foreclosure, right?
Nope. Some banks that hold second mortgages are blocking all re-fis on a first mortgage, probably because they are afraid of a drop in the property value and would prefer the owner be forced to sell, thus hoping they will get their money back quickly.
This is yet another example of how nobody trusts anyone anymore in the credit markets.
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