• Former U.S. Federal Reserve Chairman Ben Bernanke is having a “hard time” refinancing his home loan due to the tight credit conditions in the mortgage market, Bloomberg reported on Thursday.
    “I recently tried to refinance my mortgage and I was unsuccessful in doing so,” Bernanke said, speaking at a conference in Chicago, according to Bloomberg.

More at the link

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Wow.

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OK, more at the Wall Street Journal: Tight Credit? Why Ben Bernanke Couldn’t Refinance His Mortgage

  • Lenders have grown to rely heavily on automated underwriting systems and the requisite documentation of borrower incomes, the sources of their down-payment funds and anything else that’s fed into those computers to determine whether a borrower qualifies for a loan.
    This can result in the odd situation in which a perfectly qualified borrower might find a loan officer who’s unwilling to process a loan.
Ben Bernanke mortgage

That finger is not an accident