From Les Christie at CNNMoney: $8 million in assets-and can't get a mortgage
The wealthy have money problems, too.
Even refinancing a mortgage or getting a new loan can be near impossible thanks to skittish lenders.
People with high six figure incomes, stellar credit histories and gobs of assets get turned down.
"It's amazing really," said Susan Bruno, a financial planner with Beacon Wealth Consulting in Rowayton, Conn., "but it makes sense when you think about it."
About 12% of U.S. mortgages of $1 million and larger were late this fall.
"The pendulum has swung from one extreme to the other. Banks are going overboard," said Lyle Benson, a financial planner and member of the executive board of the American Institute of Certified Public Accountants.
Banks are for sure going overboard. We have gone from one extreme to the other. To me all we need to do is go back to way things were before the start of all the exotic loans. The banks operated just fine the old way. So let's go back about ten years before the new way of doing things digs us into a bigger hole.
1 comment:
It's not easy to get loans and refinancing these days. Good thing we have companies who does refinancing.
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