8/18/2010

Bill Gross of Pacific Investment Management promoted the idea of allowing homeowners by the masses to refinance mortgages at reduced rates. He said homeowners paying more than 5% interest could refinance with loans backed by the Federal Housing Administration, Fannie Mae and Freddie Mac. Gross told reporters that the refi idea doesn't "have a ghost of a chance," while other panelists during a housing summit avoided addressing the subject.

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