On Sat, 02 Aug 2008 12:56:42 GMT, Michael "Dog3" wrote:

> Dave Smith >
> : in rec.food.cooking
>
>> Goomba wrote:
>>
>>>
>>> >
>>> > So, you want to play Blame the Victim?
>>> >
>>> And do you want to pretend they don't have any responsibility here?
>>
>> I sometimes wonder who the victim is. There are people/banks/credit
>> companies who will lend money to people who have little hope of paying
>> it back. They will then try to use the the legal system to try to
>> recoup their loss. Perhaps there should be stricter rules about
>> lending.
>
> I just kind of popped in here but have gotten the gist of the
> conversation. A close friend of mine has seen my new kitchen and some of
> the remodeling we're currently doing. She has decided to proceed with
> some of her own remodeling and she's going to use my contractor. Her
> house is worth around $500,000 and it is paid for free and clear. She
> inherited it from her parents. She has paid cash for everything most of
> her adult life, and has no credit history. She needs about $100,000 for
> her remodel project. Not one bank would lend her the money with her
> house as collateral because she has "no credit history" even though she's
> provided utility bills, tax statements etc. which were paid on time.
>
> She told me that unless you are in debt up to your eyeballs it is really
> hard to get credit. Anyway, she's going to use cash for the remodel and
> actually got herself a credit card to establish some credit.
>
> Weird huh? We pay cash for everything but we do have credit cards and a
> credit history. Strange thing is we pay all credit cards in full at the
> end of the month. Is that considered good or bad with lenders I
> wonder... To me (and I'm really ignorant on this subject) it would appear
> that the lending/banking institutions set people up for failure and some
> people take the bait. I half way watched an HBO special on this and from
> what I gather, it would seem, that the more questionable your credit is,
> the more willing lenders are to give you credit.
>
> Michael
>

she is also one of the victims of the sub-prime mess. lenders are
notorious for swinging from lending to everybody, and then when the credit
market goes sour, lending to nobody. ask her if she votes republican.

your pal,
blake