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Everyone has issues when refinancing your home. Well even former Federal Reserve Chairman Ben Bernanke has issues as well. It appears that he is a credit risk. He told a conference of economists in Chicago that he couldn’t refinance. As the laughed he told them that he wasn’t making it up. This is his third refinancing, completed in 2009 and 2011.
Since his current income is sporadic, earning an estimated $250,000 per speech, banks were not approving his refinance quickly. Former Chairman Bernanke isn’t the only one with this experience. Banks are underwriting fewer applications, down 75% from 2013. I guess karma is a, you know.
Gary Kapanowski – Lean Six Sigma Master Black Belt – Excelsior
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