About 75 percent of banks tightened their underwriting standards in the year ending March 31, and 20 percent discontinued, or marked for elimination, at least one kind of unconventional mortgage, according to an annual survey by the U.S. Office of the Comptroller of the Currency.
The survey looked at the lending practices of the 59 largest national banks. For the second year in a row, no banks reported easing standards, although 27 percent left them unchanged.
Banks told the government that they were requiring larger downpayments, tightening payment regulations, and increasing loan fees, according to the OCC report.
Source: Inman News (07/22/2009)
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment