This week we have seen reports in the media concerning the way banks are changing the way they do business. This is in direct response to the housing and economic crisis our nation is facing. Financial institutions are tightening up on all types of lending including home mortgages. Banks are expecting higher credit scores.
In a survery released by the Federal Reserve, about 70% of banks taking part in the survey said they had tightened lending standards further for prime mortgages.
It is good to see this information being reported in the media. I have seen a tremendous amount of change in the lending industry over the past 3 months.