Why banks aren't lending.

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Thursday March 12, 2009 · 3:33 PM PDT

2009/03/12 · 15:33

I work as a financial consultant for small business. I had an interesting meeting today with one business's bankers. The bank was going to start foreclosure on a real estate mortgage loan. There was little sense in their doing so and we were appalled. The business has not missed a payment, no payment has been late, they have over 50% equity (based on an appraisal less than 1 year old), and they have proven means of continuing to make the payments. Yet the bank says they will initiate foreclosure proceedings in 90 days if we do not find another bank to do the mortgage loan.

Here was the shocker: (below the fold)

RudeDog

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Tuesday September 30, 2008 · 6:51 AM PDT

2008/09/30 · 06:51

I am starting to think Obama is just another politician. We have been watching all the antics going on in Washington over the financial rescue bill. Everyone seems to agree that "this is a bad bill", but Obama and our democratic leadership cannot come up with anything better?!?!? Where is the leadership from Obama? I thought he was an intelligent and educated man who surrounded himself with people that were actually qualified. Where is a better idea for a rescue bill? Nobody can come up with a better alternative than what the Bush administration has proposed? Puhleeaase!!!

Obama has talked about change. Here is a chance to make a change for the better. He understands that change starts from the bottom. (That is what initially swayed me to support him.) Well, it seems that a lot of Americans understand that this is a bad bill and they do not want it! They want something different. The support is there. Where is the leadership for change??? It appears to me that Obama has returned to Washington with an empty bag of ideas. I expected more from him.

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Why banks aren't lending.

I have lost hope