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Finance Research News - December, 2003

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Credit Research News - December, 2003

	Borrowing From The House
	It's got a funny name -- HELOC -- but some attractive features, including one of the lowest interest rates around, with rates as low as 3.74 percent and short-term introductory rates as low as 1.99 percent. But since there's no free lunch, there is a catch.

	Many home owners refinance; few cash out
	Home loan refinance cash-outs have just hit their lowest level in decades, and perhaps ever. According to giant mortgage investor Freddie Mac, only 32 percent of all refinancings during the third quarter of this year involved cash-outs of additional money beyond the existing loan balance. That is down from the 60 percent-plus cash-out proportions typical during the height of the refi boom in 2001 and 2002, and the all-time record of 93 percent set in mid-1989.

	Sallie Mae retracts reporting decision
	Critics accused Sallie Mae of trying to hide their borrowers from competitors who might offer better loan deals. Sallie Mae, the nation's largest student lender, says it will now send repayment history on its borrowers to all three major credit bureaus.

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