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Banks Refuse To Account For Bailout Money

By Lawton Stokes

Real Estate Broker/Owner with Achieve Realty, Inc.

January 01, 2009 11:33 AM

click here for Pittsburgh Tribune-Review Article

First, PNC announced they were using bailout money to buy National City. Now, Parkvale Bank and S&T Bank are taking bailout money, too.

These banks are not passing through the bailout money to businesses or consumers. They’re using the bailout money to buy other banks and thereby increase their “footprint.” How does that stimulate the econoomy? And now they’re using the bailout money to help automakers. This is absurd!

Here’s a great article on the misuse of the bailout money. Congressmen get angry about the misuse, but are they really going to do anything about it?

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Tammy Lehman

Lehman & Scheffler Real Estate Services - Chelsea, MI

Your Hometown Realtor

It frustrating the money was supposed to help the consumers with loans. Was it not, by allowing the banks to take bad notes off their books and to allow them funds to write new mortgages. I haven't seen anything in my local market that even indicates that it is helping with loans. I still have deals falling apart because lenders are not funding loans or are denying loan even after financing was removed.

Jan 01, 2009 11:41 AM

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Real Estate One - Commerce, MI

Michigan homes for sale ~ yesmyrealtor@gmail.com

Yep it is our tax money at work. You have to love it

Jan 01, 2009 11:47 AM

Lawton Stokes

Achieve Realty, Inc. - Pittsburgh, PA

I'm a firm believer in the fact that our economy will not turn around until the housing "pillar" is bolstered. Do we need a bailout? Absolutely!

Jan 01, 2009 11:52 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

Congress has given them a free hand,,,,Somehow failure may have been a beyter option!

Jan 01, 2009 12:32 PM

Gary, since you mentioned it, here's the libertarian view of the bailout.

Jan 01, 2009 12:55 PM

Konnie Mac McCarthy

MacNificent Properties, LLC - Cobb Island, MD

Broker/Owner - VA & MD "Time To Get A Move On!"

I can't believe the government didn't have some sort of oversight or accounting of the money.... rediculous

Jan 01, 2009 02:39 PM

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