Loans, Mortgage - Why Can't People Who Have Good Credit Get the Money?
By W. Rex

How come refinancing your current mortgage is so hard and almost impossible to do in today's economy? I thought the government gave all the mortgage companies plenty of money so they could in turn let the American people refinance their current high interest mortgages, get out of debt, take out money to fix up their current home or send a child to college? Well, the mortgage companies happily took the government money but they raised their guidelines for approval so high that they can legally turn down everyone and anyone and keep the money in their bank accounts to collect large amounts of interest.

I have found that a person with a credit score of 750, over $100,000 is equity in their home; a job for 9 years with the same company, no late payments at all on their credit history cannot get a mortgage. So how does a person with bad credit and a credit score of fewer than 600 get a mortgage? They cannot either. So is the government checking back on these mortgage companies and checking on whom they have accepted and whom they have declined?? Don't think so.

Everyone has college loans on their credit history, parents have co signed
loans so their children can go to college and better themselves. How can a mortgage company hold college loans on your credit history against someone and deny them a mortgage or a refinance? That should not be allowed at all in America. College loans should be overlooked on everyone's credit history unless they are in arrears and a person is not paying them deliberately. If they are loans that have not come due or are coming due. that should not be held against anyone.

In Pennsylvania, if you have college loans or have co signed college loans banks look at that as a debt and apply it to your debt to income ratio. We all know if that is being done then everyone's debt to income ratio will be over 40%, which makes everyone unable to get a mortgage or refinance their current mortgage.

The mortgage companies took that money, bailed themselves out of debt, paid themselves their big bonuses and the rest of the money they are banking and gaining interest on and us American people who desperately need that money cannot get it.

I thought when one has a great credit score and good credit history; banks want them as a customer. Not in today's world. The only thing banks want is the money from the government.