Wary banks revert to strict lending standards »
Posted by: TechnologyExpert 5 months, 1 week agoJust when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow - even for those with good credit.
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AtheismIsRealityComment removed: User banned.
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jordan115 months, 1 week ago
can hear it already...The banks are being discriminitory in their lending practices, lets have congressional hearins to force them to loan money to people that are poor risk.>>>>>
Banks are in trouble BECAUSE they lent billions to people who were a poor risk. Over a million homes are facing foreclosure, and banks can't sell the foreclosed houses for for the price they lent money on. Our taxes are bailing out the banks. The feds are printing money and causing the value of the dollar to plummet in order to bail them out. Why on earth do you suppose Congress would try to make it worse?
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amazed5 months, 1 week ago
perhaps because one of the reasons that the banks relaxed their loan criteria on mortgages was because of all the weeping and wailing about how "unfair" it was that poor people and people with crappy credit couldn't get mortgages.
The banks relaxed standards. If you're a lousy risk, you get less favorable terms -- always. And yes, there were unscrupulous mortgage brokers who took advantage, but if the rules hadn't been relaxed to help the poor and minorities and others who were previously deemed to be not creditworthy, the brokers would have had no one to buy the loans they were selling.
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antitrust5 months, 1 week ago
Does this mean that I am going to get less credit card offers in the mail? Breaks my heart...
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crespi5 months, 1 week ago
So now only the ultra-wealthy will be able to buy freely.
And they are going to buy up OUR AMERICAN INFRASTRUCTURE to break laws more easily and increase their stranglehold control on us all.
That has ALWAYS been the plan.
America REWARDS CORPORATE CRIMINAL MALFEASANCE WHILE PUNISHING IT'S AVERAGE CITIZENS.
Watch closely those with a few hundred billion to spend AND WHAT THEY SPEND IT ON.
It's your future.
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jordan115 months, 1 week ago
Dude , you need to increase your meds.Is there ANYTHING you find positive about America?>>>>
There is nothing to find "positive" about this mortgage crisis mess. We were experiencing a slowdown in our economy. When people spend money, that indicates the health of our economy & makes an administration look good. How do you get people to spend what they don't have? For starters, you give them all a lump sum and drain the reserves as you're going into a war. You're broke, so you borrow the money for the war, while the people are spending their 'gift.' Then it looks like the economy is strong despite the war.
Once that money is spent, you need people to spend more, but you don't have any more to give them. What do you do? You lower interest rates so people can borrow more & you allow lenders to lend to people who have poor credit.
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saintetienne5 months, 1 week ago
"Watch closely those with a few hundred billion to spend AND WHAT THEY SPEND IT ON."
Why do you care?
I think you need to focus on your own affairs. It seems as though they could use some attention. And a dose of intelligence.
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simonsez5 months, 1 week ago
You're a sad sack, crespi. You don't have a chance to excell in this world with your attitude.
"They won't let me be successful"!
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HanymanComment removed: User banned.
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joeblowe5 months, 1 week ago
What this headline should probably say is: Banks Revert To Sensible Lending Policies. Sure, banks make money by lending money at a higher interest than they pay depositors. Elementary. However, when they lend that money to very risky borrowers, well, you end up with a "sub-prime mortgage crisis" and a big hit to the economy. This whole problem arose because of excess greed and disregard of sensible rules.
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mackiemesser5 months, 1 week ago
Instead of handing out money for bailouts, could the banks re-work existing mortgages and offer fixed rate lower interest mortgages to the home-owners with the gimmick mortgages that are in danger of foreclosing because they can't meet the higher mortgage amounts? Wouldn't this be preferable to absorbing defaulted mortgages that go into foreclosure and cause billions of dollars of losses for the banks? No monetary payouts from the government or the banks would be involved, just more manageable mortgages for those in danger of going into foreclosure. This wouldn't work for all those in danger, of course, but it could reduce the losses for the banks to keep them stable. This is just me thinking out loud.
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saintetienne5 months, 1 week ago
"Instead of handing out money for bailouts, could the banks re-work existing mortgages and offer fixed rate lower interest mortgages to the home-owners "
HAHAHAHAHAHAHAHAHA!!!!
No.
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marshx5 months, 1 week ago
well, eventaully they'll have to or run out of business; there are fewer people with perfect credit ratings and often they don't need to borrow.
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foksipayne5 months, 1 week ago
Yeah, I'm just waitin' for the govt to go under so I can just go out in the wilderness and build me a house on that free land...
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buckheadd5 months, 1 week ago
Well, thats just why the government is now giving loans. I do admire this countries will though, throughout all we have suffered, America just does not give up! We are the bravest people, and will continue to be! VOTE FOR BUCKHEADD 2008!
Here is the current Buckheadd Presidential Campaign news:
$PUBLIC ANNOUNCEMENT$ As of 3/21/08, ALPHAGNOSIS has OFFICIALLY become the Vice Executive Manager and has replaced bronxbomber! I fired bronxbomber as he was being a VERY bad Vice Executive Manager, and I felt ALPHAGNOSIS could just handle the job better! ranchhand was fired as of 3/20/08, because he was also following the footsteps of bronxbomber. STONERS is leading effectively, and ENGINEER is also doing fine. ~I am still looking for more, message me if you are interested~
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olegrady3 months ago
Who needs their worthless loans anyways? Not worth the paper they're printed on.
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TechnologyExpert
I am Editor-in-Chief at Alice Hill's RealTechNews (http://www.realtechnews.com). I also have my own blog (Tech-Ex) at http://TechnologyExpert.Blogspot.com. Finally ...
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