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Refinancing mortgages won’t fix housing market: Edward Glaeser

Posted on 30 August 2011

The New York Times reported last week that the Obama administration was considering a proposal to “allow millions of homeowners with government-backed mortgages to refinance them at today’s lower interest rates, about 4 percent.”
The measure’s supporters tout this as an almost cost-free way to stimulate the economy, boost the housing market and reduce foreclosures. But universal refinancing is far from free, and is poorly designed to stimulate either the economy or the housing market……………………………………….Full Article: Source


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