Mar
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Be Sure to Voice Your Housing Credit Issues

March 12, 2011

As the national and Chicago real estate markets climb back up to solid ground, a new issue is hindering the comeback for builders and buyers: Credit availability.

“An extremely tight lending environment continues to make it almost impossible to obtain credit for viable new and existing projects, and most do not see that situation improving anytime soon,” said Bob Nielson, chairman of the National Association of Home Builders (NAHB).

House made of moneyThe situation might be rough, but it’s not out of your control.

The NAHB is working to restore the flow of acquisition, development and construction (AD&C) credit. If you are a business experiencing problems with credit availability for housing, it’s time to call or visit the Federal Deposit Insurance Corporation.

The FDIC has set up a hotline and a website so you can weigh in directly with the agency to discuss any business constraints you are facing due to the lack of credit for housing.

To contact the FDIC, call (855) FDIC-BIZ (334-2249). You will be speaking to a live FDIC representative, so make sure you have your information available.

Or, if you would rather, visit fdic.gov/smallbusiness, where you can provide details about the lending or credit problems you are facing.

The FDIC will respond to calls made about financial institutions under the agency’s jurisdiction as well as make referrals to other agencies and resources.

Homeowners and home buyers experiencing credit issues should visit fdic.gov/consumers.

The site also offers information on mortgages, loans, protecting your privacy and community affairs.

When the FDIC hears from businesses and consumers who are suffering from today’s severe shortage of housing credit, it raises awareness to the cause and supports efforts to find solutions to restore the flow of credit to the housing market, an issue dire to the recovery of the housing industry.

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Tracey

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2 Comments

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[...] There are resources to discuss credit issues. For that story, click here. [...]

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[...] are also aware that extremely tight lending conditions are making it difficult to buy a home right [...]

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