[sittinguy]

My Aunt is a sucsessful realastate agent and I was quizing her last night about lending and loans.
She says its total crap.
The banks are lending like crazy.
She just did a deal for a customer from Wacovia, and they did the bait and switch from fixed to ARM at the closing. And the customer has 2 choices, accept it or start over. As long as she tells her people what the deal is she is covered. She said people are under the impression the it will be easy to get to the bank later and get it switched to fixed. (wrong).

So the BS is still happening. Credit is far from frozen.

The only thing I have heard of getting frozen is people's HELOCs.

Even people with low FICO are still getting loans no problem??

The 700b$ is a big scam for the fat cats to get 1 more big bag of our money before it all goes to hell. HELL I SAY!

[dohboi]

Perhaps that is why "Wacovia" is no more. You have one morally challenged relative there, buddy.

Best wishes on the slide into oblivion.

[sittinguy]

Its not her that is morally challenged. she is very honest and up front with people. Its them

[smallpoxgirl]

I think they would like to paint this as a liquidity crisis. The reality is that it's a solvency crisis. These companies are not going bankrupt because they can't get operating capital. They're going bankrupt because they're bankrupt. If they try to paint it as a liquidity crisis, then they can apply their favorite remedy of lending out more money. If you look at the bailout plan, one of the things that it does is empowers SEC to suspend mark-to-market accounting. This is intended to allow companies to inflate their balance sheet and pretend their not insolvent. Whenever your solution to a crisis is to change the accounting rules, you really need to stop and think what your doing.

[DaleFromCalgary]

Here's how bad the situation is.

O.J. Simpson's trial is buried in a sidebar on the network Web pages. The man could walk into a day care with a machine gun, slaughter the innocent babes, and he would be lucky to get a ten-second sound bite.

[Quinny]

Definately real!