With mortgage rates hitting historic lows, the refinance boom has returned. The San Francisco Chronicle documents a new problem with the topsy turvy lending market though (http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/09/05/BUGH1KVGQ8.DTL). Because of all of the layoffs in the lending industry, there aren't enough knoweledgeable people at these institutions to process the increased volume.
This raises serious concerns about the Administration's plan to allow underwater borrowers to refinance: http://novarealestateinvestor.blogspot.com/2011/09/administration-wants-to-let-underwater.html
Hopefully, this will be a boon to mortgage industry hiring and get a lot of people back to work.
In the meantime, anyone who can should take advantage of amazing low rates and contact my good friend
Richard Moroscak (richm@southerntrust.com) to find out more.
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