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new tax benefit defraying the cost of housing. Taxpayers who bought $1 million homes expecting a generous tax break home equity loan line of credit be in for a shock, said Michael Fratanponi, senior director of single family research and economics at the Mortgage Bankers Association. “Refinancing activity was strong in the third quarter, even with higher interest rates with 44 percent of new mortgage applications being submitted for refis,” said Amy Crews Cutts, Freddie In the third quarter of 2005, the median ratio of old-to-new interest rate was 1.09. In home equity loan line of credit words, one-half of those borrowers who paid off their original loan and took out a new one had an interest rate on their old loan that was at least nine percent higher than the new interest rate. Years of historically low interest rates have enabled Californians to save millions of dollars home equity loan line of credit refinancing their mortgages. But what home equity loan line of credit homeowners realize is that refinancing exposes them to greater losses if lenders foreclose on their property. As long as homeowners retain their original mortgage, a little-known state law prevents lenders from going after more than just the home. Refinancing frees lenders to go after