There was an interesting item reported on CNN today. There was someone that wrote in seeking advice about a refi of his existing mortgage. Apparently the value of his house had dropped below the outstanding balance of his mortgage. He wanted to refi, but had little or no equity. The commentator indicated that he might qualify for a new federal program to become effective on 3/4/09. It was not the HOPE program for those already in default.

The commentator indicated that in order to qualify the home owner had to be current on his existing mortgage, be gainfully employed and have his current mortgage on board with Fannie Mae or Freddie Mac. She indicated that they expect a flood of mortgage applications next week. Hopefully you guys will see an up turn in abstracting orders.