Bank tighten mortgage loan standards again: Fed survey

Bank tighten mortgage loan standards again: Fed survey

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Author: By Greg Robb

Fifty-six percent of the 16 banks that make subprime loans toughened their standards through July, the Fed found. This was roughly the same percentage to tighten standards in the first quarter. The survey found 40% of banks raised standards for obtaining a nontraditional mortgage through July, compared with 46% in the first three months of the year. Meanwhile, 14.3% of banks made it harder to get a prime mortgage loan, compared with 15% in the first quarter.

The Fed also said 25% of banks surveyed raised standards for getting a commercial real estate loan. But standards for commercial loans and consumer loans were unchanged. Analysts are worried that the market volatility since late July will cause banks to curtail credit in coming months, endangering a fragile economy.

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