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The Mortgage Bankers Association lifted its forecast for 2009 home-loan originations by $800 billion to $2.78 trillion (the fourth-highest ever) as "a wave of refinancing and low interest rates spur homeowners to seek out new loans."
And banks will see huge profits, because they're charging more for refinancing, and the spread between fixed-mortgage rates and 10-year Treasuries is nearing a 22-year high.
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The Mortgage Bankers Association lifted its forecast for 2009 home-loan originations by $800 billion to $2.78 trillion (the fourth-highest ever) as "a wave of refinancing and low interest rates spur homeowners to seek out new loans."
And banks will see huge profits, because they're charging more for refinancing, and the spread between fixed-mortgage rates and 10-year Treasuries is nearing a 22-year high.
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