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Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.

Martin Feldstein

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Martin Feldstein
Age: 79 †
Born: 1939
Born: November 25
Died: 2019
Died: June 11
Economist
Former Chairman Of Council Of Economic Advisers
Professor
University Teacher
New York City
New York
Martin S. Feldstein
Martin Stuart Feldstein
Payment
Home
Homeowners
Much
Reduced
Monthly
Time
Consumer
Mortgages
Like
Cash
Payments
Consumers
Improvements
Improvement
Obtained
Spent
Mortgage
Took

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