Yesterday I saw a television ad from Wachovia touting their “Fixed Rate Pick-a-Payment Mortgage” as a sensible choice for homeowners.
It struck me as a bit odd and out of place for the Charlotte, NC-based bank to showcase a hybrid option-arm loan program on national television with all the negative press swirling over the last year [...]
I was reading a news item from Mortgage Bankers Association (MBA), which measures the amount of activity in the association’s Weekly Mortgage Applications Survey, indicates that refinance activity rose significantly in the most recent survey when compared to the week prior. The report went on to praise federal government for the measures taken by them to stabilize refinance market.
Heck, since when an increase in application has been a good sign.
Indeed increase in rate of approval should be a good sign, however if more people are applying for refinance and getting rejected, indeed industry is doomed.
Jim
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