The transaction includes about 123 loans and is expected to close by August
Refi activity also rose to 46.6% of total mortgage applications from 45.4%
The Federal Reserve Bank has tried a couple of different initiatives in the form of monetary policy to stimulate mortgage lending and make the process easier for borrowers in the wake of the real estate crash and mortgage meltdown of the early 21st century.
When banks shut down lending in 2008 cash was certainly king all the way through the end of 2009. The FDIC’s bank task forces were shutting down banks daily, and those who were able to step up with cash were winning in a big way.