Banking Sector Blames Housing Industry
Posted in News, Related Topics by: Administrator
Many of the same banks that suffered greatly due to the bursting of the sub-prime lending problem are now complaining about the lack of business from homeowners. Homeowners usually obtained home loans from them and is one of their more profitable money making products. Due to the lack of loans and with people still not buying homes even with rock-bottom prices, they are seeking blame for their troubles.
They seem to be getting a triple whammy from the home industry that started it all, caused continuing turmoil and is now giving them some more. Some banks withdrew from the lending business when the crisis began, while others stopped altogether, withdrawing and taking their business elsewhere. Now that they are again badly in need of sales, the very homeowners they turned back are not buying products leading again to low business causing them to panic. Life it seems is filled with perils from the left and right, angry consumers they once turned back may be exacting revenge on them or maybe they just have no money to do so?!?