I don't have a link on this because I don't want to get people in trouble. This is a true story, but I will leave the specific names out. This is truly a tale of the upside down world we currently live in.
There is a small local bank in a city in Massachusetts. It is not a rich city, and the city has the reputation of being a rather 'rough' city. The bank is a small local bank that has probably been in business for twenty or thirty years. The bank has had no foreclosures on property that it owns this year. The bank had made a small profit last year. Almost (if not) all of the mortgages the bank has given out are current. No property is currently in foreclosure. This rather quiet little bank is simply doing its job of being a small, local bank as best it can.
Last week the bank got a letter from the federal agency that regulates the bankling industry in this country. The letter had done its annual review of the bank and was sending the results to the bank. The letter was highly critical of the bank--the agency felt that the bank had not created enough sub-prime mortgages and that it had not done enough lending to people in lower income brackets with bad credit ratings. Duh. That's why the bank is not in need of bailout money!!
The time has come for a little common sense on the part of the government.
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