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Refis Hurt More During Crisis; Pull-Through Declines; Rates Rise From 7-Month Lows

Refis Hurt More During Crisis; Pull-Through Declines; Rates Rise From 7-Month Lows

Conventional wisdom, the lending version, holds that refinance loans are inherently less risky than purchase loans, but a recent analysis from the Urban Institute (UI) refutes this contention. In fact, Linda Goodman, Co-director of UI's Housing Finance Policy Center says rampant refinancing probably played a major role in the housing crisis. Goodman, writing in UI's Urban Wire blog says despite ample evidence that it was risky products rather than lending to riskier borrowers that majorly contributed to the crisis, many continue to blame government policies toward homeownership. However, at the height of the boom it was refinanced loans that were more likely to default. This was largely due to people treating their homes as ATMs through cash out refinances. Eighty-four percent of refinances
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