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The real life examples reported here are an amazing insight into the depths of the mortgage crisis. Some of the comments written in response to the article provide a window into the minds of the people around the country. They are very concerned.
While mortgage interest rates are at their lowest levels in decades, millions of mortgages that carry interest rates of 6% to 9% or even higher are not being refinanced. The reasons for this involve Fannie Mae and Freddie Mac, the two secondary market giants now in government conservatorships.
The problem is perhaps best seen through the eyes of borrowers who are unable to refinance. Each unsuccessful borrower cited below is representative of a sizeable group of such borrowers.