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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Cynic 2005 who wrote (114590)	7/21/2008 6:06:07 PM
From: Knighty Tin	Respond to of 132070

It is more difficult to get a mortgage for several reasons. One is that Fannie and Freddie are not guaranteeing every piece of crap the banks send them. Without a federal guarantee, you need pristine credit and few obligations. And, probably, a 20% downpayment. Also, few banks want any more home collateral listed as assets on their balance sheets. Wachovia would be toast if we accounted for banks with GAAP rules. For many brokers, it couldn't happen to a bunch of nicer people. Many of my buddies refer to Wachovia Securities as "Fu_koverya". I have no personal experience with them, except with a horrible Bache broker overseas in the 1970s. Since it's a merger of Wachovia Bank and Prudential-Bache Securities, I just refer to the co. as WachoPru.