Posts Tagged ‘federal bail out’
Both big and small banks and lenders are getting the rap for not lending faster to stir the economy and make the recovery efforts more effective and faster. Slow mortgage refinancing loan approvals getting the bad rap from consumers and media as well. It is no wonder or no one should be surprise as the stingy policies and the Obama effect on lending practices have made so many lenders very cautious and hesitant to simply lend money. There were so many dumb loans given by big banks and lenders but these are not limited to the big banks. Even smaller banks who wanted to get into the boom frenzy got into the act which has brought us to this recession and almost depression.
It is not easy to ignore the fact that all these dumb loans has brought havoc in the banking industry and carried everybody in it’s disastrous path.
But how about those small banks that did not participate in the bad lending practices during the boom time!? Are they going to get the same rap as those who lavishly squandered millions or even billions of dollars in their greed frenzy?
Mortgage Refinancing Loan
This is simply not right! Those companies and or small banks that followed good and ethical lending practices should no get the same rap as those CEO’s of behemoths who live like Kings.
One small bank in particular that has brought to some news media’s attention is Stan Wilmoth who is the president of Heritage Bank of Reno, Nev. The good and ethecal lending practices that he has employed or use as guidelines in the bank’s lending practices has given their bank a better position. They did not received any dime from the Federal bail out money because they do not have those bad loans. (According to Associated Press through yahoo news rss feed titled”Banks getting bum rap on not lending enough?”)
The rap is on banks now and you cannot blame people for feeling that way as they are frustrated with the governments spending taxpayers money and it is not trickling down to the real people and homeowners who really need it.
