{"id":11602,"date":"2017-05-22T12:02:57","date_gmt":"2017-05-22T12:02:57","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=11602"},"modified":"2017-05-22T12:02:58","modified_gmt":"2017-05-22T12:02:58","slug":"rampant-refis-ignited-housing-crisis","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/rampant-refis-ignited-housing-crisis\/","title":{"rendered":"Rampant Refis Ignited Housing Crisis"},"content":{"rendered":"

Rampant Refis Ignited Housing Crisis<\/h2>\n

 <\/p>\n

\"Rampant<\/a>

Rampant Refis Ignited Housing Crisis<\/p><\/div>\n

Mortgage refinance activity may have been the true hidden culprit behind the housing crisis, according to a new report by the Urban Institute written by Laurie Goodman, codirector of UI\u2019s Housing Finance Policy Center.<\/p>\n

Mortgage refinances were more likely to default than mortgages taken out to purchase a home \u201cmostly because many people were treating their homes as ATMs through cash-out refinances,\u201d Goodman notes.<\/p>\n

Eighty-four percent of government-sponsored enterprise refinances in 2006 and 2007 were cash-out refinances. These types of refinances at that time tended to have \u201csloppier underwriting\u201d and thus tended to default more than purchase loans, Goodman notes.<\/p>\n

The analysis notes that between 1999 and 2015, 4.48 percent of refis and 3.3 percent of purchase loans were more than 180 days delinquent. In 2007, the peak year, 15.78 percent of refis and 9.95 percent of purchase loans were more than 180 days delinquent.<\/p>\n

\u201cConventional wisdom suggests that refis should be less risky than purchase loans and default less because the borrowers have a known history of payment,\u201d Goodman says. \u201cSo these results are surprising, especially given the stronger credit characteristics of refis, such as lower loan-to-value and debt-to-income ratios.\u201d<\/p>\n

Many housing experts blamed government policies aimed at increasing first-time home buyers for spawning the housing crisis. But the new report shows that \u201calthough there is a lot of blame to go around for the poor quality of loans before the housing crisis, the data reaffirms that purchase borrowers were not the primary culprits,\u201d Goodman writes.<\/p>\n

Source: \u201cUsing Homes as ATMs, Not Homebuying Fervor, Was More to Blame for the Housing Crisis,\u201d Urban Institute (May 11, 2017)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Rampant Refis Ignited Housing Crisis   Mortgage refinance activity may have been the true hidden culprit behind the housing crisis, according to a new report by the Urban Institute written by Laurie Goodman, codirector of UI\u2019s Housing Finance Policy Center. Mortgage refinances were more likely to default than mortgages taken out to purchase a home … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-11602","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nRampant Refis Ignited Housing Crisis - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/rampant-refis-ignited-housing-crisis\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Rampant Refis Ignited Housing Crisis\",\"datePublished\":\"2017-05-22T12:02:57+00:00\",\"dateModified\":\"2017-05-22T12:02:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/\"},\"wordCount\":279,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2017\\\/05\\\/05222017-300x200.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/rampant-refis-ignited-housing-crisis\\\/\",\"name\":\"Rampant Refis Ignited Housing Crisis - 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