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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (181295)	11/29/2009 9:05:28 PM
From: koan	Read Replies (1) \| Respond to of 362968

The real state industry above all, just wants people to be able to get loans so they can sell houses. It is harder now to get any type of loan. Only the interest rates are lower. E.g. Higher credit scores needed. Obama should have made it easier for the middle class to refinance e.g. qualifications, debt to equity ratios, combining first and seconds. He did nothing in those areas. Re the VET refinancing that was told to me by a banker. Last week. She said Wells Fargo is the worst. The banks are acting like they want to help, but are not actually helping. They give people the run around. If you have no special circumstancs then yes you can refinance. But not if you are under water, or can't qualify, or home can't qualify according to banks new standards. If people have lived in a home a long time they would refinance even if they were 125% under water, but banks will not let them do so; or if people could combine first and seconds (banks will not let them do that-Wells Fargo reps told me that was the number one bitch she heard all the time): or if they can't qualify (according to banks) who have raised credit scores needed, arbitrarily. If you are grade A customer, in a grade A house , then yes the banks will loan to the cream of the crop. >>This doesn't make sense.....the real estate industry is worried that banks are not foreclosing fast enough and there is a potential for another foreclosure surge in the pipeline and you're saying the banks are foreclosing at a rapid rate and refusing to do refis. I suspect the truth is somewhere caught in the middle of those two opposing POVs.