Always thought it was foolish the mantra of "Date the Rate, marry the house." Bit my tongue a lot unless I was asked directly. The reality is that the rate they dated is now pregnant with triplets, has an unknown STD, and weighs 350 pounds. The biggest challenge, is that as prices drop, even if the Gov't pumps mortgage bonds and we get lower rates, VALUES are going to make it hard to refinance anyone without a significant amount of real equity. Gov'ts response to that dilemma in 2010-2012? Say 'Hello' to HARP 3.0.
