Fed Survey Reports Banks Tightening Credit
The Federal Reserve reported Monday that its quarterly survey of lending found 95 percent of banks said they had tightened lending standards on some loans.
Business and credit card lending was most affected. However, the survey reported that banks have adopted tighter standards for all kind of loans, including mortgages.
The survey was taken during the first two weeks of October, so its results don’t reflect government efforts to loosen credit.
Source: The Associated Press (11/03/2008)