anthony fico: Residential mortgages were more difficult to get over the past three months than at any time in the 17-year history of the Federal Reserve's survey of banks.
- 11/14/07 08:37 AM
Major banks made it much tougher for all types of customers to get loans over the past three months, according to the Federal Reserve's quarterly survey of bank lending officers. This summer's credit squeeze prompted an unprecedented tightening in lending standards at major banks. As credit standards toughened, demand for loans also fell, the Fed reported Nov. 5, providing some fresh details on the fallout from the credit crunch. Residential mortgages were harder to get than at any time in the 17-year history of the Fed's survey of banks' senior loan officers, the Fed said. The survey covers 52 domestic banks and … (2 comments)
anthony fico: New FHA Loan coming out!
- 10/11/07 05:26 AM
A new loan product called the FHA Secure Loan is going to come the rescue of some homeowners who are unable to refinance at this time and to help stop foreclosure for many homeowners who are struggling with adjustable rate mortgages. President Bush announced plans today at the White House to expand the Federal Housing Administration so that an additional 80,000 risky borrowers can benefit from its mortgage insurance program. I believe that this is the first step by the White House to combat the war to help stop the foreclosure crisis. Bush's plan would allow risky borrowers to qualify for … (6 comments)
Major banks made it much tougher for all types of customers to get loans over the past three months, according to the Federal Reserve's quarterly survey of bank lending officers.
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