There was a lot of controversy early on surrounding the Obama Administration's $275 billion plan to help some homeowners avoid foreclosure. The Homeowner Affordability and Stability Plan was aimed at those who might have been duped by exotic mortgages that reset payments at the worst possible time.

Some thought the impact would be muted, but a new report makes clear that lenders have really benefited from the plan-drive refinancing boom. TheStreet.com notes a reports from the Mortgage Bankers Association that says each new mortgage loan generated $1,088 in profit during the first quarter, about 7.4 times more than in the previous quarter. The net cost for a bank to originate a mortgage dropped by 26 percent to $1,725 per loan. We'll likely see even more eye-catching numbers next quarter. 

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