It's written in the state constitution: no cash-out refis.
I'd prefer to change Fannie and Freddie's underwriting guidelines.
* * * * * J B K * * * * *
San Francisco
But there is a broader secret to Texas's success, and Washington reformers ought to be paying very close attention. If there's one single thing that Congress can do now to help protect borrowers from the worst lending excesses that fueled the mortgage and financial crises, it's to follow the Lone Star State's lead and put the brakes on "cash-out" refinancing and home-equity lending.
http://abcnews.go.com/Business/TheBigMoney/texas-escaped-housing-crisis/story?id=10243782
