Political Wrinkles  

Go Back   Political Wrinkles > General Forum > Open Discussion
Register FAQDonate PW Store PW Trivia Members List Calendar Search Today's Posts Mark Forums Read

Open Discussion Discuss AP INVESTIGATION Main Street's soaring sour loans at the General Forum; Why is the small business person always behind the 8 ball? They are our back bone in all times. But ...

Reply
 
Share LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 07-27-2009, 04:35 AM
mlurp's Avatar
PW Enlightenment
 
Join Date: Mar 2008
Location: Flatlands
Gender: Male
Posts: 37,487
Thanks: 19,199
Thanked 10,926 Times in 8,521 Posts
Default AP INVESTIGATION Main Street's soaring sour loans

Why is the small business person always behind the 8 ball?
They are our back bone in all times. But when larger business leave the country they stay for more abuses and the employees suffer as well.

Small business persons find it hard to maintain a decent Heath Care Plan at much higher rates for them and the employees.

They depend on the banks to get thru the week or month. And seem like us the citizens have no lobbyists that secures any breaks..

No corporate welfare or loop holes for them... Something is very wrong here..

AP INVESTIGATION: Main Street's soaring sour loans

By FRANK BASS and RITA BEAMISH, Associated Press – Mon Jul 27, 12:01 am ET

REDWOOD CITY, Calif. – As the effects of the economic collapse began pouring down Main Street, the government last year was left holding a record $2.1 billion in write-offs of small business loans it had guaranteed. Officials expect the number of defaults to rise as the nation continues to climb out of the recession.

Maybe if these business were helped we might not be as bad off, they didn't cause the economy mess. They were keeping us afloat for a while

Records obtained under the federal Freedom of Information Act show the public is paying to offset bank losses on small business loans across the country, from a convenience story in the tiny Canadian border town of Houlton, Maine, to a graphic arts design company on the island of Hawaii, more than 5,000 miles away.

Has Obama even considered this and set aside a few dollars to save them. He has money for the wealthy business

Despite having loans written off, little companies such as Caffe Sportivo, an espresso shop and small gym in Redwood City, Calif., are barely scraping by.

"I just couldn't make any payments. I was barely making rent or payroll," owner Chris Sakelarios said on a recent afternoon when her cafe stood empty except for two patrons who read as they sipped coffee. "The same as everyone else. We're in a hovering pattern."

It's a sign that even as record profits re-emerge on Wall Street, thanks to massive government loans and guarantees for banks deemed too big to fail, the pain on Main Street is as profound as it's been in half a century. Far to long!
The companies that were not too big to fail are failing.
................................MUCH MOORE HERE.........................................
AP INVESTIGATION: Main Street's soaring sour loans - Yahoo! News
__________________


Improvise - Adapt - Over Come...
Reply With Quote
  #2 (permalink)  
Old 07-29-2009, 03:43 AM
saltwn's Avatar
PW Enlightenment
 
Join Date: Oct 2007
Location: Esto perpetua
Posts: 88,261
Thanks: 57,121
Thanked 26,872 Times in 19,321 Posts
Send a message via AIM to saltwn Send a message via MSN to saltwn Send a message via Yahoo to saltwn
Default Re: AP INVESTIGATION Main Street's soaring sour loans

I read somewhere today that the banks really don't like doing the refinancing, but would rather do a new loan. Because they feel the mortgagee might still be unable to make the payments and go into default anyway. So a lot of the provisions to save homes aren't doing any good. Congress is going to try to remedy that outlook.
I hate to say it, but I think they should have just let some of the mortgages go down the tubes. Then the banks would have to reduce the price to get rid of them. And people could actually afford the payments.
__________________
...
Reply With Quote
  #3 (permalink)  
Old 07-29-2009, 01:19 PM
cnredd's Avatar
Administrator
 
Join Date: Oct 2007
Location: Philadelphia
Gender: Male
Posts: 57,226
Thanks: 2,448
Thanked 39,292 Times in 21,863 Posts
Default Re: AP INVESTIGATION Main Street's soaring sour loans

Quote:
Originally Posted by saltwn View Post
I hate to say it, but I think they should have just let some of the mortgages go down the tubes. Then the banks would have to reduce the price to get rid of them. And people could actually afford the payments.
I don't hate to say it...I've said it proudly for months...
__________________
"You get the respect that you give" - cnredd
Reply With Quote
The Following User Says Thank You to cnredd For This Useful Post:
  #4 (permalink)  
Old 07-30-2009, 03:40 AM
mlurp's Avatar
PW Enlightenment
 
Join Date: Mar 2008
Location: Flatlands
Gender: Male
Posts: 37,487
Thanks: 19,199
Thanked 10,926 Times in 8,521 Posts
Default Re: AP INVESTIGATION Main Street's soaring sour loans

Quote:
Originally Posted by saltwn View Post
I read somewhere today that the banks really don't like doing the refinancing, but would rather do a new loan. Because they feel the mortgagee might still be unable to make the payments and go into default anyway. So a lot of the provisions to save homes aren't doing any good. Congress is going to try to remedy that outlook.
I hate to say it, but I think they should have just let some of the mortgages go down the tubes. Then the banks would have to reduce the price to get rid of them. And people could actually afford the payments.
I just two days ago got my refinancing on the house done and my bank is behind about 2 months because of all the refinancing they are doing to solid credit wise comsumers. Plus there are a lot waiting on the inerest rates to drop to 5% or below before they kick in. Mine was at 5% I lower my monthly by $90.00 which I am adding $10.00 to and pay that towards the principal for 2-4 years at least.

So when the market picks back up (if ever) I am ahead and ready....
__________________


Improvise - Adapt - Over Come...
Reply With Quote
Reply

Tags
investigation, loans, main, soaring, sour, street

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

Forum Jump


All times are GMT -5. The time now is 06:41 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2022, vBulletin Solutions, Inc.

Content Relevant URLs by vBSEO 3.2.0