Rick Santelli On The United Rental States Of America

Today, Rick Santelli spoke to mortgage expert Glenn Schultz in order to glean some truth on the real state of the housing market beyond the simple attempts at headline propaganda, and sure enough he got it off the bat: “less refinancing activity, less turnover activity: this is the third straight month they have been below expectations.” Not quite the glowing report many would expect to justify a spike in end-demand for housing. Glenn then focuses on the ability of homeowners to refi high coupon mortgages and while he sees some glimmers of hope, his summary is as follows: “basically you get a bunch of c-class renters and turn them into d-class homeowners.