LOC DENIED by WaMu today because of my zip code.

[Anonymous]

The lender responded kindly, I'm sorry we can't offer this product to you because of declining home values in your area. I was denied at address.

[haulingthescoreup]

Welcome to redlining, formerly used to discriminate against racial minorities and low-income people, now generously extended to all.

[MidnightVoice]

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haulingthescoreup wrote:
Welcome to redlining, formerly used to discriminate against racial minorities and low-income people, now generously extended to all.

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Zipcode discrimination.  cool - us immigrants are no longer bottom of the pile!! 

[LouMinotti]

Two items:

From the NY Times: Washington Mutual Begins Efforts to Sell Itself

Goldman Sachs, which Washington Mutual has hired, started the auction several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC.

and

From Mathew Padilla at the Mortgage Insider: Banks seize record number of O.C. homes

Banks foreclosed on 1,427 houses and condos in Orange County in August, surpassing the record set in July by 6% and up 204% from a year ago, reports DataQuick today.

do you happen to live in OC?

Message Edited by LouMinotti on 09-17-2008 08:35 PM

[fishbjc]

Sorry to read this pizza!!!!!!!!  Try NFCU?

[Anonymous]

Nope to OC, but I'd bet it's more than just a few small areas they are denying. It's cool I can always go to National City as they have already extended and offer to me. I've been getting many denials from banks in the past 6 months. They don't even look at my credit anymore, just sorry, denied. Not taking it personally. There are many more banks for the moment, perhaps I should look for one that was already taken over to save the trouble of going through a problem later... lol.

[Red1Blue]

I am wondering what are the areas they are denying credit. Does any have zipcodes or areas Banks are denying the Credit?

[BlueBayou]

Same In our area ----------Instant Denials without looking at applications If you are in the Residental Construction business ---- Both owner and employee within a certain segment of zipcodes.

The local banks started this red-flagging Early 2008.   This not only goes for all types of LOC's, but to all personal and biz loans.

Even so, I have noticed a huge increase in new Banks popping up on every street corner.

I wonder if one could go to one of the new Foreign Banks and see if they have the same red-flags? 

We are in Central Florida.

Message Edited by BlueBayou on 09-19-2008 06:03 AM