Borrowers Cashing Out Home Equity
A full 80 percent of Freddie Mac-owned loans that were refinanced in the fourth quarter of 2005 resulted in new mortgages with loan amounts that were at least 5 percent higher than the original mortgage balances, the mortgage giant reported last week. This percentage is up from the third quarter of 2005, when the share of refinanced loans that took cash out was 73 percent, and is the highest since the third quarter of 2000.
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