Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.
“I couldn't do anything else, I enjoy it so much. But I find it tough.”
“Well, right now we're so busy that I kind of had to put all the hobbies on hold. But I like going camping with my kids. I have two daughters; they're 7 and 10 years old.”