Fed: Prime Mortgage Lending Tightens

Posted by Orb Staff on May 05, 2009 No Comments
Categories : Residential Mortgage

k lending standards on prime mortgages have tightened, according to a new report issued by the Federal Reserve.[/b] The Associated Press reports that the Fed's review of lending during the January-to-March period found a constricted approach to prime mortgage loans in nearly 50% of U.S. banks, up from 45% in the survey for the end of 2008. The Fed also determined that 65% of banks tightened standards on nontraditional mortgages, up from 50% in the previous survey. However, the Fed survey discovered that 40% of banks tightened their standards on commercial and industrial loans during the first quarter of this year, down from 65% in the last survey. The Fed polled 53 domestic banks and 23 U.S. offices of foreign banks for its survey. SOURCE: Associated

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