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May Restoring Neighborhoods Webinar
Our May Restoring Neighborhoods webinar featured a presentation from Laurie Goodman, vice president of housing finance policy at the Urban Institute, on cash out refinances.
Cash out refinances are a two-edged sword. On one hand, they allow people to monetize their single largest asset— their home equity. On the other hand, cash out refinance mortgages have historically performed much worse than rate/term refinances and have been prone to abuses. Prudently underwritten cash out refinances, and other forms of home equity extraction may prove to be a very valuable tool, as more people retire with most of their wealth in their home.
Laurie Goodman, vice president of housing finance policy at the Urban Institute