Refinancing eludes many as rates fall

"Bill Meeker of Fremont is one of those getting crunched by falling home values. He has a steady job as a CPA for a Fortune 500 company, excellent credit, equity in his home - and he only needs a conforming loan of under $417,000. But while his equity was once 20 percent, as home values have sunk, it has dropped to about 10 percent. Lenders tell him that's not enough to qualify for a refinance, so they are turning him down or requiring that he pony up extra money for pricey mortgage insurance, he said."