Posted on 04/01/2009 7:19:56 PM PDT by Leo Carpathian
Thank you 0'great one for all the help you extended to small businesses! Teleprompter lambasted great days ahead for the small businesses, the backbone of US economy, blah, blah, blah...
Finally it is starting to filter down to us in the trenches.
The reality is like this:
Just received a letter from JP Morgan CHASE himself that my home equity line of credit has been frozen, I can not draw any more funds from it. As of 3/27 (letter mailed on 3/27) no mo' money for the purpose of funding the expansion and employment of staff. Using my own private home as collateral.
Apparently banks are freezing loans, I was told that maximum amount of equity used is 65% of the present market value of the property, based on their evaluation. Looks like another attempt on destroying backbone of American economy.
Obama is "fixing" GM and other biggies, now looks like they are set to screw the rest of us.
So if anyone has line of credit still active, just take as much as you can before the "frost" hits it. So much for bailout. More proof that Zero is saying one thing, doing completely opposite and now selling out US at G20.
Time to take off to barricades before is too late. Soviet socialist "experiment" took 80 years to undo.
Itwas modified, not undone. Put simply the KGB aparatchiks took over. In our case the democrat aparatchiks are taking over here. Read Milovan Djilas "the new class".
Not that long ago O’s people were insisting that small businesses create few or no jobs.
I want to know where all that money went.
We were robbed people. We were flat out robbed.
Since money has been tight, I've also changed my terms on most of my clients. I never asked for any money down, but now I am asking for 50%. The problem is and even being on the “inside” you just don't know which will be the next business to fall and they sure are dropping like flies!
If you have to mortgage your home to pay new employees, you might need to review your business plan.
You must have been with WaMu before the Chase take over. Maybe Chase can’t meet the capital requirements if it extends WM credit lines.
FUBO: F***ed Up By Obama!
FUBO: F***ed Up By Obama!
Sorry about the double-dipping.
Nope, have 4 bus accounts and credit cards, excellent credit. Seems that CHASE is another big bank, impersonal, run by incompetent. Looks like the ruling is mortgages up to 65% of the value of the house as assessed by them. Time to change to more friendly bank. Maybe TD?
Restoring the property and trying to minimize the cost of borrowing, using own equity before forced to go more expensive way, higher interest rates.
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