The Fed's QE efforts were -
if one is to believe the words spewed from
their ever-lying mouths - designed to aid the man on the street, to lower
interest rates, and enable another refinancing-led housing boom/bubble which
would maintain the status quo and confirm the 'happily-ever-after' dream of
every taxpaying (and non-taxpaying American). Today's data from the
Mortgage Banker's Association confirms - QE's work is done and the refi boom is
over.

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