Tuesday, August 26, 2003

The General blogged on this topic a week ago. Now it's made the Washington Post.
Homeowners who rushed this summer to refinance their mortgages at super-low interest rates are finding that the volume of applications is choking the financing system. This means that the rate locks they counted on to protect them against rising expenses are expiring before their loans can close.

The result: Costlier loans, angry borrowers and climbing numbers of complaints to regulators.


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