Dealing with all of the Trickiest Money Problems between Family and Friends from Serial Borrowers to Serious Cheapskates (Free Press, 2008).
But, taken as a whole, the evidence seemingly paints a different picture than Obama as a "serial-borrower".
Half a dozen kinds of yoga-mat wipes are now sold nationwide, and new products like hand and foot mitts, to protect serial mat borrowers, have hit the market.
Done to reduce borrowers' monthly payments, serial refinancings allowed lenders to charge thousands of dollars in loan processing fees, including appraisals, credit checks, title searches and document preparation fees.
The rules, to come into force in July, will limit the number of times a loan can be rolled over to two, and will also prevent lenders making serial attempts to collect repayments from borrowers' bank accounts.
Fidelity, which houses the 401(k) plans of more than 12 million workers, recently studied the behavior of these so-called serial borrowers.
High-net-worth borrowers with so-called jumbo mortgages, or loans over $625,500, "are famous for serial refinancing," said Keith Gumbinger, a vice president of HSH.com, a financial publisher in Pompton Plains, N.J.
Both are serial innovators.
