However, refis in CA are recourse. Before the crash, I was getting calls from lenders trying to get me to do a cash-out refi "so I'd have money to invest in th

However, refis in CA are recourse. Before the crash, I was getting calls from lenders trying to get me to do a cash-out refi "so I'd have money to invest in the stock market". I assume that some went for that pitch.