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I saw on the tube somewhere today where Fannie Mae is starting to get
picky on cash-out refi's. Makes perfect sense now looking at the
behavior of the retails over the past 6 months. I believe it is
common for consumer behavior to be a lagging indicator thru
recessionary periods, is it not? They keep spending thru the
downswing and remain skitish during the upswing.
Kent
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