by Patrick from Minneapolis, MN USA
Regarding the Credit Freeze: The subprime meltdown overflowing into a mortgage crisis and credit crunch is followed by almost one trillion dollars earmarked by the US Government to stimulate the flow of money. Not since The Great Depression has the United States felt such a squeeze on the economy. Read the following from as a visitor from Minneapolis shares his professional experience. Kate
No the credit freeze is not over. The government bailout is doing the job little by little, but the only financial organizations still out there trying to lend money are portfolio lenders who are unaffected by this whole credit mess anyways.
Not that the fact that these lenders still have money affects those strapped for credit anyways, these lenders are typically the most stringent lenders, albeit now they are some of the most lenient, but that's because they are just as strict as they have always been but everyone else has basically stopped lending.
I have not tried to borrow money since the credit freeze began, but I do lend money for a living, and business is slow not just because people aren't coming in but because the ones that are we can't lend to. Thanks, Patrick
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