Howard Atkins, CEO of Wells Fargo, stated in the CNBC video below that any homeowners who can, should refinance now, given the low rates and subsequent wealth effect they would benefit from. He added that refinancing is good not only for Wells Fargo's mortgage business, but also for the economy. Atkins said that the $1.4 billion in reserves that banks have is enough to buy back the Fannie Mae and Freddie Mac sponsored troubled mortgages. Commercial real estate loans have been a definite drag on earnings for banks, according to CNBC's Brian Shactman, but will not threaten their businesses going forward.
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