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.
“What everybody misses here is that we are doing the same thing my father did. He licensed and litigated and protected his property, and we have to follow the same tradition, because the way the law reads, if you don't protect it, you lose it.”
“If I could learn to treat triumph and disaster the same, then I would find bliss.”