To solve these problems, ESOP sponsors must carefully consider possible corrective action--including reloads, refinancings
, grantor trusts (and even possible plan terminations) as well as tax and accounting changes--to arrive at a solution that best serves the company and participants, all while complying with ERISA and the IRC.
In the current interest rate environment refinancings
are driven less by borrowers seeking lower payments.
The small share of refinancings
insured by the FHA is not surprising because households that refinance often have sufficient equity in their homes and have accumulated enough other assets to cover the larger downpayment typically required for a conventional mortgage.
The current refinancings
are estimated to save approximately $30 million per year in interest expense, on top of $115 million in interest savings from the 2003 refinancings
, January 2004 refinancings
, roll-off of interest swaps, and debt reduction.
I would point out that these rises in approval rates for refinancings
are particularly striking given that the number of applications for both groups more than doubled.
that involve borrowers acquiring funds in excess of their mortgage balance, commonly known as "cash-out" refinancing
, and subordinate financing, such as home equity loans, will not be eligible.
As a result of these refinancings
, AW reduced near-to-medium term maturities to a more manageable $1 billion from over $3 billion.
When the long bond hit its record low, that made the newspapers, and psychologically that's what did it,'' said David Lereah, chief economist for the bankers association, in explaining the rush of refinancings
The bill would amend both the Truth in Lending Act and the Real Estate Settlement Procedures Act (RESPA) to require good faith estimates of costs in refinancings
of home loans within three days after an application has been made.
energy merchants have made good progress in solving near-term liquidity woes via capital market access and successful bank credit refinancings
over the last few months.
Most of the material regarding refinancings
presented here is drawn from a consumer survey sponsored by the Federal Reserve Board during mid-1989.
As we previously indicated to shareholders, the high level of mortgage refinancings
is having a meaningful impact on our earnings," said Michael A.