Via Seeking Alpha.
So-called cash-out loans, in which borrowers increase their loan amounts by at least 5 percent, accounted for 27% of all refinanced loans in the three months to June, capping the lowest three-quarter share on record. Cash-out refinances peaked at 88% in mid 2006.
Even Obama cashed out on his home, “… they owed about $240,000 on a home they purchased for about $159,250.”