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Concerned banks are cutting back on credit approvals first and asking questions later, the FHFA...

  • Tuesday, June 19, 2012, 12:36 PM ET
    Concerned banks are cutting back on credit approvals first and asking questions later, the FHFA is set to detail exactly what mortgage flaws would trigger a putback request. The story dovetails with an earlier one about the FOMC wondering what good are low interest rates if only a sliver of the population can take advantage? A trend is officially underway.
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This news story has 14 comments:

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    are you kidding. every regular person has known for the last 3 yrs that low or zero interest rates are only for banks who make huge campaign contributions.
    regular americans pay 12% or more for credit cards. the # able to refinance their RE loans is miniscule
    19 Jun 2012, 12:44 PM Reply Like
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    Give me a can of ether so I can re-start the bubble machine.
    19 Jun 2012, 12:49 PM Reply Like
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    Low rates are for the federal debt so anyone who is saving money is actually being robbed by our government to fund debt issuance. Banks have issues but government is the problem.
    19 Jun 2012, 12:52 PM Reply Like
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    Credit card interest is high(though I don't pay it), and so is the interest rate on everything else. No one is getting a break except for people that come from other countries... and large investors....and please, don't get me started on that tangant.
    19 Jun 2012, 01:05 PM Reply Like
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    When did the FOMC start wondering when low interest rates could only be used by a sliver of the population???
    What a joke. Was it yesterday? The day before yesterday?
    What a group of morons to admit this... finally!!
    19 Jun 2012, 01:15 PM Reply Like
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    It is so crazy that banks can charge interest rates on credit cards at 18% or above when they can get money for next to nothing. Looks to me like the banks are the winners every time.
    19 Jun 2012, 01:15 PM Reply Like
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    Gary: Don't mean to be contrary here, but most of that 18% goes to satisfy unpaid credit. Credit Cards are unsecured debt, so everytime some mad wife gets divorced and runs up the cards and the ole man declares bankruptcy, the bank is O U T.
    If you have a credit score over 800 and/or you pay off the card when you use it, the bank actually pays you to use the card. Negative Interest?
    Otherwise, it's hello 20%.
    19 Jun 2012, 01:27 PM Reply Like
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    Well, I see students still getting credit cards, people without jobs using their credit cards, people with undesirable credit still being given a credit card. Just like housing, many didn't qualify and still bought homes. People that get divorces, like you mentioned, and all the other unexpected stuff really doesn't matter. I've come to the conlusion that banks don't really care if you can pay for your home or your credit card. They make money anyway.That's the shame of it all.
    20 Jun 2012, 11:53 AM Reply Like
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    You said..........I've come to the conlusion that banks don't really care if you can pay for your home or your credit card.

    So how does that make them money?
    20 Jun 2012, 10:12 PM Reply Like
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    Credit card interest rates are high because it is unsecured debt, there are a lot of losses and many people just take the free loan and pay it off before they are assessed any interest charges. There are plenty of places that offer reasonable rates and if you don't like them use your debit card.

    Banks are chump change as far as they impact your finances. The government is robbing you blind every year and decades ahead that you have not even lived! And the FOMC is keeping interest rates low on all the government debt so as it is dropped on your head later it will be as small as possible.

    It is not about the banks it is about the government and government debt. Focus on the big numbers. We would recall all our politicians if people would understand this fact and not be fooled by chump change political demagoguery.
    19 Jun 2012, 01:29 PM Reply Like
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    JPM paid the banking committee 13 million. I mean they lobbied them by giving them 13 mil.
    19 Jun 2012, 02:34 PM Reply Like
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    Maybe but we lose $2 billion a day in WDC. How much bigger is that then $13 million. I will let you do the math.
    19 Jun 2012, 05:19 PM Reply Like
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    FOMC statement is for election year politics. Otherwise they would just keep their mouth shut and bailout their buddies the banks, and rob the public.

    It should be the Federal Closed Market Comittee (FCMC), because that is what it has become - closed to everyone except the extremely wealthy or the banks.

    Of course FOMC really stands for "F#@k Over More Citizens".
    19 Jun 2012, 02:50 PM Reply Like
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    The Fed is perfectly rational, the goal is to: (1) serve the interest of their shareholders, the big banks and (2) get Obama re-elected so they can continue the rape of the taxpayers. Once these goal are understood, everything the Fed does makes perfect sense.
    19 Jun 2012, 03:39 PM Reply Like
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