If real estate is the backbone of our economy, why are the banks holding on to all of our money? Sure, we know about the subprime mess. Get over it! Why are they punishing people who have good credit, jobs, education and downpayment monies? They say they are afraid of home values falling. Well, if you have a client who has never missed a mortgage payment, never missed any bill payment, has assets up their arms, why, oh why, are they denied a loan? The house is now worth nothing? C'mon! Are they kidding??
Every market is not at a 50% loss. Mine sure isn't. Heck, a house just sold on my street months ago, for a really good price. Higher, than I would have expected. The prices are good here! Why punish us for other's failures? The banks are so distrustful that they are hurting themselves. I don't think they get it. The money you were given, was taxpayer's money. Put it back to work for us!
Let's get going and recover the market. In turn, it will help the economy. It isn't rocket science, though, the Congress hasn't figured it out yet. They will, eventually.
Here's what I did last week. You all know that I write my notes daily. Well, I wrote to the new President, my state's Governor, M.Jody Rell and to Attorney General Richard Blumenthal (CT). These personal notes asked for help. Help with these home loans, lines of credit and funds for small business owners. Self-employed individuals can no longer borrow monies. They will not loan money for stated income any longer. How can you build your business? How can you stay in business? Good credit no longer matters.
How about the high interest rates on your credit cards? Isn't that a joke? How are they even getting away with that! The new law that Congress passed to protect the consumer from this price gauging, takes effect in 2010. It is not retroactive. It begins then, includes no back balances. Is that why they are raising the rates so? Paid on time, yet, 30%? Is no one watching them? In the state of Connecticut, we had a cap of 18%. They could charge you no more than that. In 1994, our state legislatures, let that cap go! Wonder why? Campaign contributions? Who wasn't watching then?
So, write a note to your favorite politician! Let them know that you've had it. We need to sell houses and now! We need their help and now! They can fix this and begin, now. Let them hear from you. Cause them to change it! They value your vote. Congress is up for re-election in two years. Start writing!
Google your state, and then, start writing your notes to the people who are there to serve you!
It's a Good Life!
Fran
Oh, By the Way...if you know of someone who could use my good services, please send me their contact information. I will follow-up and take good care of them for you. I am never to busy for your referrals!
Frances the banks are not hanging on the the money, we want to lend it, but the changes in the Fannie Mae, Freddie Mac, and FHA guidelines have made lending money much harder. Fannie, Freddie, and FHA have all over reacted to the mess we are in. Sure guidelines needed to be thighten, but they have gone from one extreme to the other, when the answer lies in the middle.
George,
Please write a note! To our Governor, she really wants to know these things and hear from you! Wrtie to the AG, the new President and whoever else you can think of to get this fixed. Why not? What have we to lose? A stamp?
What about Chris Dodd? Isn't he on the Banking Commission on the Federal level?
Where's Valerie? She'll do it!
Just think, if we got a bunch of folks on this community to write notes, handwritten notes, to their representatives, WOW! That would have an impact! How many members are we now? 130,000?
LOL... hey Fran... this too shall pass... but there is money out there it is just qualifying is tough..not a bad thing mind you but it could be a lot more sensibly applied... oh
So I will write a couple note today... you may have started something... hmmm but these notes i can't count on in my BLITZ 35???
Our market is fortunate that we have a lot of military using VA benefits to purchase homes. That has helped a lot. You are right about the fact that the taxpayers have bailed these businesses out and there needs to be changes so that we can get some benefit out of our hard earned money that was spent to keep them employed.
Kim, Write the notes to your politicians. They have to listen if we all flood them with notes:)
Perrin, I think it has become out of control. And, no, I do believe that the notes are on top of what you would normally do on a daily basis:) LOL!bignay
It does seem that the banks don't want to lend money to good people. Hopefully, this too will soon pass.
Leaders, Have you seen any? They have left the building a long time ago. Congress doen't have a clue how to fix this mess and it shows daily. We all know till the Real EState market starts turning nothing else will matter. They could ave given every mn, women and child a million dollars a peice with the bail out money and still not spent it all. What would every American do if they had an extra million to spend. Congress doesn't want to fix the mess, they are already rich what do they need it fixed for.
Loans are harder to come by for small business and it is a challenge to remain in business... hopefully things will change soon for everyone's sake in the meantime have a positive outlook!
Please write notes to your Representatives and Local Officials, even the new President! He does want to hear from people, so, write him a note and let him know your thoughts. Who knows?