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

To: koan who wrote (181301)	12/1/2009 11:27:21 PM
From: tejek	Read Replies (1) \| Respond to of 362983

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. Koan, do you understand that Bush did exactly what you are suggesting Obama should do and that's why we got into the mess we are in? 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. That may be true. I will find out soon enough.....I'm in the middle of a difficult refi. 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. That's the way it should be. That's the way its always been until Bush came along. Before becoming a teacher, I was in real estate. I am not just blowing smoke. 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. Most people who are underwater are doing a deed in lieu if they can pull it off with the bank. I know of very few people considerably 'underwater' who want to do a refi. If you are grade A customer, in a grade A house , then yes the banks will loan to the cream of the crop. You're exaggerating.....housing sales are up and people are getting loans. If the standards are higher, that's a good thing, not a bad thing.