Mortgage lenders busy after Obama plan laid out
Originally posted on Reuters
The telephones have been ringing off the hook at U.S. mortgage lenders since President Barack Obama pledged $275 billion on Wednesday to help stem a wave of home foreclosures.
“Yesterday, LendingTree.com had the highest loan request volume day for the month showing that borrowers did indeed feel encouraged by Obama’s housing plan,” said Cameron Findlay, chief economist for the online loan broker in Charlotte, North Carolina.
In the strongest government action yet to aid homeowners since the housing market’s meltdown began, President Obama said his plan would give 9 million families the chance to refinance their mortgages.
Refinancing volume at mortgage broker LendingTree.com was up 88 percent week-over-week on Wednesday, while applications for new home purchases were up 30 percent during this time.
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