Standards on Mortgage Lending Tightened
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Banks are getting choosier in their home mortgage lending, according to a Federal Reserve report.
“Evidence that some banks are beginning to tighten standards on home mortgages appeared for the second consecutive survey,” the Fed said in its latest poll of senior loan officers.
The share of banks surveyed that reported tighter mortgage standards rose to 11.1%, up from 10% in the poll released in November. The Fed said the two readings were the first indications of tighter mortgage credit “in over a decade.” Most banks, 88.9%, said their standards had remained unchanged, and none reported easing standards.
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