Home loans and other loans.

[carol b]

I went to the bank today with my husband to get our withdrawel amount raised. We currently could only withdraw $250 from an ATM. Now we can get $500 which makes life alot easier.

While there we went to visit our lender. She told us some very disturbing news. The bank currently only does 2 types of loans. Fanny Mae and FHA. They also no longer do personal loans or auto loans.

It seems that the bank is doing nothing more than handling our money. We were looking to get a home loan for a small house for our daughter but they don't do those without you being able to prove 2 years of rental income on your income tax return.

We were also told that more changes are coming in June of this year that are going to make things even more difficult. I am very worried and disgusted with the way the government and the state are handling the mess that the lenders created. Now everyone is pretty much screwed and will have to live out of their wallets with no hope of getting help in any emergency.

[moneysense]

I never could understand why the banks put a limit on how much of your own money you could get in a day. After all, its your money.

As to the loans, it is a crying shame that things are turning out this way. And what does having rental property on your tax return have to do with getting a loan? That seems rather redundant to me.

To my way of thinking, if you already have a loan or have had a loan at that bank, and the loan is either paid on time or paid off, you should be able to get further loans without jumping through hoops to do it.

It also seems to me that this new policy will end up hurting the banks in the long run. So what are the powers that be thinking?