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Well I'm in Canada, so it's unrelated to whatever law is being talked about here, and I don't know if it's a "new" law here, I'm just figuring that the bank wouldn't have let her refinance for a better rate if they didn't absolutely have to, so there must be a law. What else would they let someone pay less.
The bank decided to buy her mortgage/debt as part of some package surely, so they didn't buy it thinking they'll lose money on it. Whoever they bought it from might be taking a haircut, but perhaps they had to in order to cover other losses or meet a debt obligation. Either way both sides came to a deal.
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