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Mortgage Delinquencies Are Going Up, but Are They Normalizing?
Mortgage delinquencies are going up, but the absolute levels are in par with historical averages. You only refinance or get out of a mortgage if it's got a two and a half percent coupon on it at the zero bound. The tax boom doggo ever for wealthy people that nobody wants to talk about has peaked and rolled over. And whether it's capital one or ally financial, they're seeing a normalization up the income ladder when it comes to the income ladder.