Former Fed Reserve chair refused refinance of mortgage
It doesn’t matter if you are the former Fed chair, you can still be turned down for a refinanced mortgage. Ben Bernanke told a conference recently that he had been unable to secure a deal on his Washington DC property. Bernanke said that maybe lenders had gone too far on mortgage credit conditions. He has refinanced twice in the past, both times when he was still at the Fed. Although he reportedly makes a six-figure income from speaking engagements and has a job at an economic think-tank he is clearly not considered a good enough risk by the lending criteria implemented during his time at the Fed.