Former Fed Chair Ben Bernanke Gets Rejected When He Tries to Refinance His Mortgage

Former Fed Boss Ben Bernanke

Former Fed Boss Ben Bernanke recently told a crowd that his application to refinance his mortgage was declined.

I bet that one got lots of chuckles, but I think I understand why he did this.

You see, Uncle Ben already refinanced twice before, in 2009 and 2011.

Rates are still extremely favorable right now, but if he jumped into refi #3 today, it would only shave a few basis points (a fraction of a percentage point) off his rate.

Now, considering the closing costs, how possibly  could it be a worthwhile thing to do?


So my theory?  Uncle Ben is trying to send a very clear message to America's banks: Loosen up those lending standards!

If Dr. Benanke, a guy who makes $250,000 per speech, and has a $1M book deal, can't refi, then what hope is there for the rest of us with great income, great credit and who are perfectly deserving of a favorable loan?

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