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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (457650)	2/19/2009 6:15:45 AM
From: Road Walker	Read Replies (1) \| Respond to of 1575120

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. Yeah when I heard ML cut our credit line I was really incensed. Here we are a very good, sound profitable business, and they are taking Fed dollars to make loans with one hand and cutting credit lines with the other. And I heard from the finance people that they are getting turned down everywhere they go... so far. My suggestion was to call our (worthless) congressman and senators... lot of good that will do. But it sure does drive home how important the banks are to the economy. They could bring our mid-sized, sound and profitable company down. And put all our people out of work when there are no other jobs. And that would mean a bunch more forclosures, BK's etc. The question is how do you make them give loans when cash is king and assets are declining? I don't know.