The Mark Spain Team

Refinancing Is Key to Housing Market Recovery
If all of Fannie Mae's and Freddie Mac's borrowers paying interest rates that are higher than the median rate were to refinance at 4 percent, the savings would total $63 billion. While such an option would not bring the total $63 billion in savings to fruition, Moody's chief economist, Mark Zandi, says "even a fraction would be a big plus." According to Zandi, the single most effective policy move for the housing market would be to facilitate more mortgage refinancing