Fed Recovery Flawed as Companies Get Credit Denied to Consumers

Thirteen hundred miles from Wall Street, Alex Fairchild is still waiting for a little of the U.S. government’s multitrillion-dollar bailouts and Federal Reserve largesse to trickle his way.

His above-average credit score and $20,000 down payment for a $195,000 condo overlooking Miami’s Biscayne Bay didn’t spare the software engineer from a mortgage application process that took so long a government tax credit he was counting on expired. After seven months under contract and appraisals from three underwriters, his developer went bankrupt and New York-based Vanguard Funding declined to provide a loan.