Poll: Even Ben Bernanke Cannot Get A Loan

Posted on by The INO.com Team

Former Federal Reserve Chairman, Ben Bernanke, was addressing the National Investment Center for Seniors Housing and Care conference in Chicago on Thursday and said that, "I recently tried to refinance my mortgage and I was unsuccessful in doing so." He went on to explain that lenders "may have gone a little bit too far on mortgage credit conditions" according to the Bloomberg report.

I thought I would ask you the same question today....

Do you think lenders have gone to far on mortgage credit conditions?

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As always, I would love to hear you thoughts on the subject. Please take a moment to vote and leave a comment.

Every Success,
Jeremy Lutz
INO.com and MarketClub.com

6 thoughts on “Poll: Even Ben Bernanke Cannot Get A Loan”

  1. In 2005 I refinaced a $3.5m distribution center. The application took a few days and settlement was 1/2 hour at best. A year or so ago, I refinaced my $300K home. The application process and questionaires took well over a week and was iritating at best. It reminded be of the intrusive sexual questions you get before giving blood...Although I'd like to downsize, the overbearing new compliance rules and regulations are keeping me in this old house, I'll just close off a few of the kid's rooms. No way I'm going thru that again. After we retire in a few years, it's time for the second passport and exit stage left.

    Mike

  2. To turn down loans to EXTREMELY creditworthy customers seems counter productive. I mean aren't they only paying 0.125% or less on money market deposits. Lets see - pay out .125%, receive 4-4.5% on low risk loans WITH COLLATERAL. I'm not a banker but I think even I could make that work. Isn' t their objective to make money ??? To not lend at all quarantees they will not win.

    Tenbeers

  3. I am attempting to refinance my mortgage as well. I have over 50% equity in the house and the new payment would be about 15% of my income. The lender has been servicing my mortgage for over 15 years, with one previous refinance already complete. The lender is requiring full documentation, including 2 years of tax returns. That's more than they have ever asked of me before, but I don't think it's too much.

    1. Vetting of your information is one thing, denying you the credit is another. Bernanke was denied. I'm all for deep vetting and substantiation of credit worthiness. But the constraints on the actual lending? Way too strict now. Banks are useless when they become this constricted. "Oh, no, we can't lend you the money on your incredibly high credit score and double family income, that would be too risky." What good are you then Mr. Bank?

      Better to hit up a loan shark.

      2. Banks are handling others' people money, they should not relay on public rescue. There is no reason to deny any mortgage request if consistent.

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