stimulus: Are Banks Socially Responsible?
- 07/08/09 09:47 AM
On May 1st, Wells Fargo, one of the nation's largest mortgage lenders, decided to tighten its underwriting standards for 200 markets they considered as distressed or soft, requiring higher down payments and making state-income loans off limits in most of these markets. I believe this will cause other banks to follow suit (the bandwagon effect). This is one more action that shows that the stimulus money provided by the Federal Government and intended to loosen up credit and provide funding to stabilize the real estate market is not working as intended. The government should have required the banks to lend this … (0 comments)
Articles of interest, market updates and relocation information for Charleston SC, including Mount Pleasant, Daniel Island, Isle of Palms, Sullivans Island, Hanahan, Goose Creek, James Island, Kiawah Island, Folly Beach, Johns Island and Summerville.
On May 1st, Wells Fargo, one of the nation's largest mortgage lenders, decided to tighten its underwriting standards for 200 markets they considered as distressed or soft, requiring higher down payments and making state-income loans off limits in most of these markets. I believe this will cause other banks to follow suit (the bandwagon effect).
;)
;)
