Journal Article
Evaluating the Benefits of a Streamlined Refinance Program
Abstract: Mortgage borrowers who have experienced employment disruptions as a result of the COVID-19 pandemic are unable to refinance their loans to take advantage of historically low market rates. In this article, we analyze the effects of a streamlined refinance ("refi") program for government-insured loans that would allow borrowers to refinance without needing to document employment or income. In addition, we consider a cash-out component that would allow borrowers to extract some of the substantial amount of housing equity that many have accumulated in recent years.
JEL Classification: G28; G51; R38;
https://doi.org/10.29338/ph2020-08
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Bibliographic Information
Provider: Federal Reserve Bank of Atlanta
Part of Series: Policy Hub
Publication Date: 2020-06-25
Volume: 2020
Issue: 8
Pages: 22