Refinancing hard as lending slows

Many South Florida homeowners paid more for their homes than the homes are now worth, which makes refinancing difficult. Ed Cairo, president of American Home Finance in Delray Beach, said that last year, his firm could fund maybe eight or nine out of 10 applicants, and that ratio is down to four of 10.  One problem is that fewer lenders are making loans, as hundreds of banks and other lenders have merged, failed or simply stopped lending.