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Article: Wells and UBS PaineWebber JV: Teaching Borrowers The Street's Ways.
- Article from:
- National Mortgage News
- Article date:
- April 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The concept of "Where Main Street meets Wall Street" is no stranger to the U.S. mortgage market, where many of the loans secured by homes located on the former end up being funded or ultimately purchased by the latter.
But Wall Street has always approached mortgages as a business, whereas Main Street's borrowers tend to view them as large, costly necessities that they never fully understand.
Main Street's borrowers, while increasingly sophisticated in terms of knowing when to refinance, aren't yet quite up to employing the kind of sophisticated strategies Wall Street does.
But with Wall Street's help some borrowers - the so-called high net- ...