Capt. JG wrote:


I think you believe that the relm of "freeing up credit" is reserved for
individual consumers, especially those who don't have money. This is not the
case. It's a much bigger problem for those who have decent credit and want
to buy a car, say from GM or from the RV company in the town Obama visited
recently, and it's even a bigger problem for small businesses who can't get
the credit they need to run their business.

Banks don't want to make loans... to anyone. This is a huge part of the
problem.

Odd...in my exoerienbce, if you have a decent credit rating there us noo
problem whatsoever finding someone to extend you credit at a decnet
rate...we have multitudinous junk mail offering us low interest loans
all the time and wanting us ti take out a mortgage on our house to
enable us to do whatever...and we are by no means well off...credit,
IMO, has been too easy to obtain...I cannot believe the amounts that are
allowed per income on mortgagges..the rule of thimb when we were young
and starting out was that yout mortgage payment should be no larger than
one weeks pay or 2X your total income minus exoenses...yet many out
there with 35K incomes have 200K mortgages..and it is no wonder they
can;t foot the bills and are living hand to mouth..we had to rent befoe
we coukd afford a house and we had to have an adequate downoayment and
the c losing costs to proceed..these things are oftentimes waived
nowadays...people want too much too fast and they are not willing to
wait...and that's greed...and greed always gets you in the end...

"katy" wrote in message
. com...
Capt. JG wrote:


I think you believe that the relm of "freeing up credit" is reserved for
individual consumers, especially those who don't have money. This is not
the case. It's a much bigger problem for those who have decent credit and
want to buy a car, say from GM or from the RV company in the town Obama
visited recently, and it's even a bigger problem for small businesses who
can't get the credit they need to run their business.

Banks don't want to make loans... to anyone. This is a huge part of the
problem.

Odd...in my exoerienbce, if you have a decent credit rating there us noo
problem whatsoever finding someone to extend you credit at a decnet
rate...we have multitudinous junk mail offering us low interest loans all
the time and wanting us ti take out a mortgage on our house to enable us
to do whatever...and we are by no means well off...credit, IMO, has been
too easy to obtain...I cannot believe the amounts that are allowed per
income on mortgagges..the rule of thimb when we were young and starting
out was that yout mortgage payment should be no larger than one weeks pay
or 2X your total income minus exoenses...yet many out there with 35K
incomes have 200K mortgages..and it is no wonder they can;t foot the bills
and are living hand to mouth..we had to rent befoe we coukd afford a house
and we had to have an adequate downoayment and the c losing costs to
proceed..these things are oftentimes waived nowadays...people want too
much too fast and they are not willing to wait...and that's greed...and
greed always gets you in the end...


I think that these days "decent" is the minimum, as it should be of course.
Part of the problem was greed on the part of the lenders. Sure, there are,
will, and will be regular folks who want more than they can afford, but
there are also those out there who take advantage of people less
sophisticated than you and I... predatory lenders. As many have said,
there's lots of blame to go around. And, I should add that as far as getting
credit goes, it's a much bigger problem for the small and not so small
businesses. That's gotta change or there'll be even more unemployment, which
in combination has a downward spiral effect.


--
"j" ganz @@
www.sailnow.com