Refinancing: The road to recovery
Americans are missing the biggest opportunity to create long-term economic stimulus. Consider this: creating a program that could guarantee universal access to low-cost home mortgage refinancing at the current rate of 4.5 percent. Many now trying to refinance at this historically low rate face major roadblocks — either they don’t have not enough equity in their home or they confront stringent income verifiability standards. But neither should matter if they have a mortgage — a lending institution already took the financial risk by issuing the original loan.