Americans Scrambling To Refinance: HARP Beats Out McRib, NFLX As Hottest Topic On Google Trends

Tyler Durden's picture

For once Americans are all over arcane economic alphabet soup concepts, at least according to Google Trends. As of minutes ago, the hottest topic on Google is the Home Affordable Refinance Program, or HARP, which makes sense - to borrow an Obamaism, "there is money to be made or saved."  Following yesterday's announcement of significant changes to EFSF eligibility which was pitched as allowing every American to effectively have access to the discount window, it is not surprising that mortgage holders everywhere are scrambling to refi, or at least attempt to do so. Even with the laxer guidelines, it is hardly likely that HARP, which has only refinanced under 900,000 mortgages since inception, will do much good due to forceful bank pushback on terms especially with the 2s10s trading where it is now. But regardless, the mere promise of more money in one's pocket has brought out the great unwashed in droves, cap in hand. After all there are apps to be bought. What is stunning is that interest in refinancing is even bigger than in such more "American" pastimes as the McRib or NFLX, although we attribute the fascination in the latter more to rubbernecking at a slow motion train crash. We wonder how long it will take the bulk of Americans to realize that going forward they purchase a government REOed home from HUD for $100 down, and use the 2000x levered money for a variety of "fungible" purposes. Expect the term "203k" to be quite popular shortly...