Real estate market analyses

This economic crunch is hurting everyone

This economic crunch is hurting everyone across the board. People with good credit, their fico is dropping. How can the banks get a bail-out with their credit score not dropping? Why didn’t Congress do a credit check on the banks before giving them a loan. We’re all in this together, stop all this some can, some can’t business. We need to help each other, whatever the situation. Don’t only let a “select group” benefit from this downturn, everybody should be able to lift their heads above this rising tide.
I’ve said it one and I’ll say it again. It isn’t just about mortgage loans, it’s about the way credit is handled in the US. The fact that a credit card company can raise rates on existing debit for no good reason creates huge uncertainty. A person can do a great job at maintaining his bills only to have a credit card company double his interest and nearly double his monthly minimum payment. Have a couple cards do this and the downward spiral starts.

I’m betting they maxed out their credit cards to just keep up and try to stay up with their ballooning mortgage payment. That combined with the fact that their home has lost major value pretty much kills their ability to borrow.

And yes don’t forget their credit score. It’s probably been nuked by missed or late payments and low available credit.

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