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 Homeowners should refinance now: experts

September 13, 2010 03:30PM

Any homeowner who can refinance now, should, given the low rates and subsequent wealth effect, said Howard Atkins, CEO of Wells Fargo, in the CNBC video above. Refinancing is good both for the economy and for Wells Fargo’s mortgage business, Atkin added. He also said that the $1.4 billion in reserves that banks have is adequate to buy back the Fannie Mae and Freddie Mac-sponsored mortgages. According to CNBC’s Brian Shactman, commercial real estate has been a definite drag on earnings for banks, but will not threaten businesses going forward.