Wheres the Anger as the Wheels Come Off Obamas and the Democrats Recovery Program?
By Dave Lindorff My bank, a small regional institution that was not involved in sub-prime lending, and that was not a recipient of any TARP bailout money, cut off my home equity line of credit two weeks ago. They did it abruptly, with no notice—I only discovered it had happened when I tried to get a $500 advance from it to cover a payment I was making on my credit card. When I asked what was going on, the local branch manager informed me that “we are closing out a lot of credit lines while we reassess the value of houses in this region, which have been falling.” Now, in my particular case this was ridiculous. First of all, in our county, just north of Philadelphia, property prices have been static, but not falling. Furthermore, I had taken out a standard $160,000 mortgage 12 years ago, with a substantial down payment, and it was now paid down to $60,000, and my balance on the home equity credit line was pretty small, so there was no way that we were in any way “under water”—in fact our
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