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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (457631)2/18/2009 11:10:55 PM
From: tejek  Read Replies (1) of 1575140
 
Too bad you don't have any skin in the game...

True story... I found out late this afternoon that ML dramatically cut my companies credit line. Our total profits were down less than 10% last year... the 3 divisions that report to me were up. And we are up for an additional review in March... so far our credit line is down 60% since '06, while our profits are up from '06. Our financial folks are trying desperately, so far with no luck to find credit with a new bank. We do big, big deals, often CIA (cash in advance) so a credit line is critical.

After begging for my refi business, my lender hasn't called me back. My credit score was in the 700s and my house appraises for more than I paid. He got uncomfortable when I told him I was self employed. Shortly after, he told me his boss had called a meeting and he would call me back the next day. That was a week ago.....haven't heard from him.

My cousin built a second house up in N. Florida. They were supposed to close in November. He called last week.....the bank refused to close because "they aren't lending now". Besides, the land is not worth what he paid earlier last year. Since then, he has been trying to find a lender who will give him a mortgage. He's really worried.
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