You Know It’s a Tough Market When Ben Bernanke Can’t Refinance By Elizabeth Campbell Link
Ben S. Bernanke said the mortgage market is still so tight that he’s having a hard time refinancing his own home loan.
The former Federal Reserve chairman, speaking at a conference in Chicago, told moderator Mark Zandi of Moody’s Analytics Inc. -- “just between the two of us” -- that “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”
When the audience laughed, Bernanke said, “I’m not making that up.”
“I think it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said.
Bernanke, addressing a conference of the National Investment Center for Seniors Housing and Care in Chicago, said that the first-time homebuyer market is “not what it should be” as the economy in general strengthens.
“The housing area is one area where regulation has not yet got it right,” Bernanke said. “I think the tightness of mortgage credit, lending is still probably excessive.”
Surprising that the market there is holding up reasonably well considering he thinks conditions are so tight.
They might be tighter than they were before, but probably still very lax compared to historic stndards.
Do you know what were the basic tightening measures Peter, deposit amount etc ?
Bernanke could have easily arranged a refi when he was fully employed at the Fed, but maybe he was too busy to be concerned with this detail.
Once he resigned and started earning his money by public speaking engagements, he became "self employed" To qualify for a loan as a self employed person most banks want two full years of tax returns. Even for a low doc most want 12 months data and business/GST registration.
Technically he would be difficult to arrange a loan for, although one would think that some lender somewhere would make an exception for him.
In a way it probably suits his public speaking narrative so he probably hasn't called in any favours, and I'll just bet that there are a lot of high powered bankers in the USA who know that they owe their arse to him.
Any expressed market opinion is my own and is not to be taken as financial advice
Bernanke: Me old missus bolted when I lost me nice stable gubment job. 'N took half. 'N I need the rest for a hair transplant ta attract a nice cute new young 18 yo one ...
Bernanke: Me old missus bolted when I lost me nice stable gubment job. 'N took half. 'N I need the rest for a hair transplant ta attract a nice cute new young 18 yo one ...
$150 and hand the 18 year old back when your finished.
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