This can’t be true! Why I’ll bet there are at least three Freepers who will explain how they just got a loan for a new car a few days ago and so there is no way banks are hoarding cash!!
At least that was the posts I got when mentioning this a few weeks back.
How did they do that?
Two months ago my husband and I tried to borrow money to buy a house. No dice.
We have credit scores in the 800s, no debt, he has been on the job 30+ years and 20% down. Why you ask because he changed jobs (same field) and didn’t have six months of pay stubs for the new job.
The leander did tell me straight out if our scores were in the 600s and we had no down or a small one we could get a loan - per Fanny May and Freddie Mac.
They are most certainly hoarding cash, we have been told by many contractors during my husband’s work search that the reason construction jobs are down in our area is that the banks are not loaning money or if they do, they want 20 - 25% of the value of the project up front as a retainer. Most small construction businesses are barely keeping their doors open, they can’t afford that.