Do You Have a Cash Out Refinance?

In 2021 out of $2.7 trillion worth of refinances, $1.2 trillion of those were cash out refinanced. That's the most that we've seen since 2005 because remember what happens is when we have a levered asset it's not really our money. It's borrowed money, but then all of a sudden the price increases overnight, 41%. And it's like we won the lottery. People are making some questionable decisions in how they're using that home equity.