| Banks See Spike In Refinancing Applications
MADISON, Wis. -- Refinancing applications have surged 17 percent after interest rates dropped three-quarters of a point in the past week -- and they could go lower. VIDEO: Watch The Report But financial experts said it is important to know when it's best to refinance and if the type of loan a consumer has is even affected by this week's federal rate cut. Don Bertucci, AnchorBank's senior vice president of residential lending, said the last few days have been hectic. He said the phones have been ringing and the online applications have been coming in, all in response to this week's rate cut by the federal reserve. So, what does the 0.75 percent rate cut mean for residents? "It would affect mostly second mortgages or home equity lines of credit, where the rate is adjustable," Bertucci said.
Gold Investments Market Update
Lenders have about $160 billion of so-called leveraged loans and $70 billion of junk bonds that they underwrote last year. They were stuck holding the debt as the collapse of the subprime mortgage market in the U.S. drove investors from all except the safest government securities. Banks including Citigroup Inc., Goldman Sachs Group Inc., and Morgan Stanley are struggling to unload debt from last year's record $438 billion of leveraged buyouts. The market for high-yield bonds has been shut since July in Europe and sales in the U.S. slowed to $850 million this year from $6.3 billion in the same period in 2007, data compiled by Bloomberg show.Billionaire investor George Soros said the fallout from the current global financial crisis (the worst since World War II) will bring about the end of the dollar's status as the world's reserve currency.
The All-Unwanted All-Pros, conference championship analysis, and more
Friday Night Lights" Update: Friday's episode set a record: It contained nothing but relationship talk and longing glances, no football at all! Though the episode did offer the fourth time in the series that a teen character has walked in on his or her love interest passionately kissing someone else. For about 15 seconds in last week's show, SuperCoach and his assistant were watching game film, but then immediately turned to relationship talk. Attention "Friday Night Lights" producers, given the choice between watching game film and relationship talk, middle-aged males watch game film! Please "Friday Night Lights" producers, this is not supposed to be a series about teen dating and marital bickering, it's supposed to be a series about high school football. Show some high school football! .
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