affected people because I arrange financing for homes and businesses.
I say nationalize the mother~$@#@$s! They have not been doing their job of
lending and have tightened up the guidelines so much that a person can't buy
a home, refinance one or refinance business property unless they don't
actually absolutely need to.
The "Hope for Homeowners" and FHA Secure programs are to strict that A)
hardling anyone qualifies and B) most lenders don't want to participate.
We have a client whose file met FHA guidelines - we got an
"Approve/Eligible" from the FHA automated underwriting engine - but the
lender refused it because they have their "own credit overlays". In other
words, the feds were OK with it, it met the guidelines, and the bank
wouldn't finance it. This clients' monthly payments would have dropped over
$500 per month.
Similarly, we have another client whose commercial refinance application was
submitted around last Labor Day. The scenario not only would have improved
their cash flow by over $800 per month, but would have given them a
financial cushion large enough to last over two years if they lost ALL
income. It STILL hasn't closed.
Meanwhile, we see the credit card companies greatly increasing the interest
rates and reducing credit available on credit cards and lines of credit.
When that happens, the credit scores go down. When the credit scores go
down, homeowners and auto insurance premiums increase. And of course, it's
harder for people to refinance into lower interest rate programs because of
the credit scores!
Nationalize the banks.
& Linda Babcock
Your Finance Consultants
Harmony Consulting Group, Ltd.
Finance Consulting, Home and Business Loan Brokerage
Whether investing in a business or real estate, we have hundreds of sources
for funds: SBA, "hard money", venture capital, factoring, special target
programs and standard "bank" financing.
We'll shop the banks for you.
Find out how to save money on your energy bills.
Use real estate to get a 30% return on tax free money - IRS says yes!
With over 500 lenders available, if we can't get it done, it CAN'T be done!
Renovation loans are a specialty and must be done the right way - we know
"YES! We can do that!"
----- Original Message -----
From: Hal Snyder
Sent: Saturday, March 14, 2009 10:33 PM
Subject: Re: [PDI] Banks scramble to return funds
"For Rothenberg, the banker in Century City, the prospect of unlimited
government intervention was too much.
Comment: Good thing the darn government wasn't meddling in banking the
last 8 years. Think of the mess we'd be in.
'The real issue was the clause that the government could change any of
the terms," he said. "It was so open-ended.'
Comment: Dude must have never been on the receiving end of a credit
card agreement. Imagine the other side saying it can change the rules
Of course the real indignity of the TARP funds is the specter of
accountability. The people are getting uppity, wanting to know what
goes on in the offices of their betters. Where is Dick Cheney when we
need him? Secrecy is for the rulers, transparency and suspicion for
the lowly subjects.
On Mar 14, 2009, at 9:16 PM, Daniel Stafford wrote:
> Banks scramble to return funds
> Tainted money, now if they can just figure out how to give it back.
> L.A. Times
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