2012-08-09 — huffingtonpost.com
And to homeowners, those super-low rates are gold, and you don't get them. Why? Because to give them to you is just throwing them away. They're for closers. Instead, as documented by Peter Eavis today in The New York Times, banks are making money, hand over robotic Dr. Doom fist, by simply not lowering your mortgage rates to where the market says they should be. After they issue your higher-yielding mortgage, they then bundle that mortgage with a bunch of others and sell them to investors, who are willing to accept the lower market rate because they can't get anything better. Et voila, massive profit for the banks!
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