Quantitative Easing working like a champ...

Your sarcasm is going over my head, Colonel. What is your point? That rates are creeping back up a few weeks after the Fed's announcement?

But in the meantime didn't a record number of re-fi's occur, thereby freeing up billions of discretionary income for the economy as well as turning some non-performing mortgages into performing loans?

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as well as turning some non-performing mortgages into performing loans?

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I doubt a refi can really do this, maybe help at the edges. But if a few hundred a month make that much of a difference per month, you are probably on the edge anyway.

But it is good for the economy to get these re-fi'd.

I am still debating when its time to buy a home. We sold in 2005, and would like to buy again....but I hate to overpay. But 4.3% is tempting.

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A bank will refi you if you aren't current on your loan?

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Absolutely! Especially if it means a restructuring to avoid foreclosure. Contrary to conventional wisdom, banks hate to foreclose on real estate. It's very expensive and the bank loses money every time.

$100B annualy sounds a lot like an annualized rate based on 10 days of business. But I didn't see it, so I could easily be mistaken.

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in the last 10 days?

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Yes. Ken Lewis said in his interview on CNBC with Maria "Lips" Bartoroma that their mortgage sub (remember Country Wide which they bought?) had their biggest re-fi month ever in March.

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I just thought a major hurdle to getting a refi was equity in the house already.

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That's not what you asked earlier. You said "not current" without mentioning equity in the house. But even with loans that are under water, banks have been restructuring those loans and writing off the principal, per Barney Frank's and Maxine Water's wishes.

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I think most people here know banks don't like to foreclose, I have no idea how the opposite is considered popular belief.

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I can't tell you how many people have angrily told me (once they learned I'm been in banking for a while) that banks like to make home loans to borrowers who the bank knows can't repay the loan just so the bank can foreclose on the property and own it. Hundreds, I'd guess. I've seen it on this board as well. The next time I see someone write that type of comment on here, I'll alert you.

Actually, I'd be willing to bet that they're far LESS likely to foreclose if you're late and underwater than if you're late with a bunch of equity.

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I'd be willing to bet that they're far LESS likely to foreclose if you're late and underwater than if you're late with a bunch of equity.

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You'd probably win that bet.

When you say conventional wisdom, I assumed you were referring to the people on this board, since you think we're all idiots.