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45 billion dollars.
Each.
Citigroup (C).
Bank of America (BAC).
Both hurting.
Both cutting.
Both on the dime.
Our dime.
90 billion bucks' worth of our dimes, to be exact.
We're their largest shareholders.
And about now, they're only reliable ones.
"We" have no choice.
The government stands behind 'em.
Which means "we" stand behind 'em.
Whatever Bank of America needs to close a deal with Merrill.
Whatever Citigroup needs to not close, period.
Period.
Now you'd think with our good deed, maybe we'd get a good deal.
Maybe they'd lend more.
Hate to disappoint you, but they're not.
Because tucked deep in this bailout story you're not hearing, some stunning lending figures you might find surprising.
In the middle of this huge refinancing wave, a lot of applicants, not a lot of "approved" applicants.
Get this.
70% of folks who want to refinance cannot.
Either their homes have declined too much in value to redo their loans, or banks just won't give 'em the loans.
So let me see if I get this straight.
Banks refuse to go through hoops for us.
We're on the dime for them.
Who knew a bailout of our money also would prove a bailout of something else...
Our senses.
Despite slowdown, banks are still lending
This Won’t Be the Last Loan
