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Cash-out refinancings stage a comeback
This go-round, homeowners using loans to consolidate debt, not buy boats and cars
From the June issue: The name itself conjures up images of ATMs: cash-outs. Indeed, many associate the term “cash-out refinancing” with the frothy and dangerous days of the real estate boom, when some owners turned their hyperinflating houses into money mills, leveraging their equities to the hilt.
That didn’t work out so well for a fair number of mortgage holders. [more]
