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tj444 -> RE: No, that doesn't work for us. (9/2/2011 4:31:41 PM)
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quote:
ORIGINAL: willbeurdaddy
quote:
ORIGINAL: tj444
The economy wouldnt be in near as bad a shape if banks werent so hard assed about mortgages, that is one big job killer, actually, its been a construction industry killer. A lot of jobs depend on new construction, renovation, and the spin-offs, etc and with the tight restrictions now, those jobs wont come back until sanity returns to the mortgage side.
Its not banks...they are doing everything they can to generate mortgage business short of high risk loans. Interest rates are ridiculously low to try and attract traffic. The problem is that in most markets nobody is buying except flippers who are coming into foreclosed homes with cash.
well, i guess thats the thing, if someone doesnt have a 700 credit score then they are high risk now.. the banks have gone too far and are now too conservative, imo, it was certain mortgages that were the problem before (AIMs, no $ down, etc). But now you need a big chunk down and at least 100 points higher credit score than before, etc and the frustration of dealing with jumpy banks... it kicks out a lot of people that arent high credit risks that could buy and want to.. Given all thats gone on, the shady mortgage broker stories, etc, people are afraid and put off too.. Geeze, I bet if you asked people which was worse, groveling to a bank for a mortgage or getting strip searched.. i bet a lot would say dealing with the bank would be... [:D]
So, yeah, that just leaves the flippers and investors with cash..
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