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 do an awful lot of scuba diving. I love to be on the ocean, under the ocean. I live next to the ocean.”
“The courts cannot garnish a father's salary, nor freeze his account, nor seize his property on behalf of his children, in our society. Apparently this is because a kid is not a car or a couch or a boat.”