Policymakers for the past two years have been encouraging homeowners to refinance their homes and take advantage of record-low interest rates; however, their efforts are continually frustrated by today’s tough lending standards. A study released by the Federal Reserve found that out of 6.8 million applicants to refinance their mortgages, 2.3 million were denied due to current lending standards and the decline in the value of their home. The study also revealed that many of these candidates would have qualified for a refinance prior to the housing bubble burst, which as of the end of June has left 10.9 million borrowers, … (1 comments)
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