With FICO requirements rising all around that means some consumers (with equity) won't be able to refinance. I received this email from a financial services employee this morning: "My rate is 5.25% on the original balance. If I could streamline to 4.5% on my paid down balance this would reduce my payment by $500 and I could spend it in the economy." He indicated that because he is self employed his FICO is a concern. (His response was edited by me.) Meanwhile, Wells Fargo in its 2Q earnings statement, under a section discussing mortgage banking income, notes that the bank at June 30 had "net unrealized gains on securities available for sale of $8.6 billion." Sounds nice...
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