Dear Reader...
We DID talk about this before, didn't we? I have said in the past that banks were going to be tougher on consumers and businesses, and requirements for home loans, HELOCs, and small business loans were going to be tighter. Well, now a recent Federal Reserve report confirms my suspicions - even AFTER the immense infusion of capital into American banks, loan restrictions were tightened in the 4th quarter of 2008. Banks say this is not a reflection of the bailout, but of the ever-weakening credit picture of American homeowners in the foreseeable future.
Check out the article on Bloomberg.
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