Re-mortgaging down as public exercises caution

Consumer debt levels remain high in the US and while it is helping to maintain spending on the high street its longer-term implications are more worrying. Re-mortgaging by home owners is one area that has caught the attention of both JP Morgan Fleming and Close Property Investment. The key question is whether consumers are taking money out of their homes to finance a spending spree, or are using lower interest rates as an opportunity to consolidate their debts on more favourable terms. It is important because for so long investors and institutions have been relying on the US consumer to...