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But the extensive amount of refinancing over the past two years means even CCC-rated companies don't face large sums of maturing debt in the near term.
"The increase in home loans over the past five years is due to a significant amount of refinancing due to the interest rate cuts and simple demand," Mr. Smith said.
The amount of refinancing has dropped off as interest rates have climbed.
"I am becoming increasingly persuaded that a significant amount of refinancing will not be happening and that we will see substantial financial problems and foreclosures that will peak somewhere in the middle of next year," he said.
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Can the board reject my application since the amount of the refinance would be more than 80 percent of the unit's value?
This drove mortgage rates down and prompted waves of refinancing.
7 drawbacks of refinancing your debt.
Familiarize yourself with the mechanics of refinancing.
The outstanding amount of its refinancing operations had declined recently, he noted, which "has been interpreted by the market, rightly so, I would say, as evidence of normalization".
India's position is better than some critics allow: relative to its GDP it has a moderate amount of foreign debt to refinance.
It hoped 4m-5m borrowouldwould qualify but by May only 810,084 had participated, a mere 7% of whom had an LTV ratio of more than 105%.An important reason for the low take-up is that GSEs charge up to two percentage points of the loan amount to guarantee refinanced HARP loans, even though the refinanced loan is no riskier than before.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com