At a 7.41% rate when that loan was originated, the homeowner would pay $2,700 a month. But refinancing the remaining $386,000 into a new 30-year mortgage at the current 6.13% rate would translate to a ...
Merton won a Nobel Prize in economics in 1997 for a method to determine the value of derivatives and has been thinking deeply on the subject of trust for decades. What follows is a lightly edited ...