Whose fault is the recession?

[Raven]

Originally Posted by #^&#^&#^&#^&#^&#^&#^&#^&#^&#^&#^&

FWIW I was speaking with a real estate lawyer the other day and he siad the mortgage institutions are doing the same thing now again as they did before where they are lending to people with no possible way to repay. WTF.

I'm elated OBAMA's hammering them..... as they deserve it

But i think the Lawyer is Misinformed because the loans are not happening even for people with excellent credit because the lending institution's are sitting on the money. So they are slowing the recovery big-time. It's been all over the news.

[Fly Rod]

if you have 20% down and a credit score of 700 or better, banks will loan the money to the buyer in our area. Properties here under 350,000 are selling average time on market is 5-6 months, there are no buyers in the 600,000-900,000 range and there is one buyer over a million average time on market 18 months.. If you go through Mass Housing you can put down as little as 3% if you meet their standards.

[Raven]

Originally Posted by Fly Rod

if you have 20% down and a credit score of 700 or better, .

the average credit score is 650 or lower

[Fly Rod]

Originally Posted by Raven

the average credit score is 650 or lower

I'm not saying what the average credit score is, I'm saying what it takes to get a loan from a local bank in my area, a score of 700 or better, 20% down on residential, 25% on commercial and some banks will charge you a higher interest percentage for commercial or a mix use commercial/residential. Before a bank will release monies for a Condo loan the units must be 71% sold or under agreement which means that if a person wants to buy and move in quickly he/she would have to pay cash if the Condo units do not meet the 71% and banks are not releasing monies on existing Condos if there is not a maintenance escrow/reserve account of which a lot of Condos never had before instead if they needed work to be performed they would attach special assessment charges to each owner above and beyond their monthly Condo fee.

Maybe banks in your area are accepting credit scores 650 or less, but I doubt it. Now a mortgage company may accept a lesser credit score.

[Joe]

Politically, it does not matter who is to blame: It matters who is believed to be to at fault by the majority of the electorate.

[Fly Rod]

Originally Posted by Joe

Politically, it does not matter who is to blame: It matters who is believed to be to at fault by the majority of the electorate.

If the people had or would read up of who is at fault they would find that both Republicans and Democrats are to blame for voting on a bill to deregulate the Glass Steagall Act of 1933. This act helped get us out of the great depression.

The deregulation bill signed by Bill Clinton in 1999 makes it sound like it was all the Democrats fault but, it was the Republicans that brought the bill to the floor both in the senate and house. The Glass Steagall Act was voted down by a huge majority of both Republicans and Dem's in both houses.

People can say what they want about Bush but he had warned congress in 2001 that the economic crisis was coming. From then until now it was the Democrats fault with Barney Frank being a cotributor to what has happened as well as the financial community.

[JohnnyD]

Originally Posted by Fly Rod

People can say what they want about Bush but he had warned congress in 2001 that the economic crisis was coming. From then until now it was the Democrats fault with Barney Frank being a cotributor to what has happened as well as the financial community.

Bush warned that an economic crisis was coming and then it's the Dem's fault?

If Bush was such a miraculous savant when it came to the economy, maybe forcing through major tax cuts wasn't the best idea then?

How exactly has it been strictly the Dem's fault since 2001? The Republican's held a healthy majority for 5 out of 8 years in the Senate and 6 out of 8 years in the House with Bush in office.

This isn't a strict party issue. Both sides are grossly responsible for the economic breakdown.