Bernanke: Banks' tight standards hurting economy - New York News

Bernanke: Banks' tight standards hurting economy

Posted: Updated:
Federal Reserve Chairman Ben Bernanke (Photo: www.federalreserve.gov) Federal Reserve Chairman Ben Bernanke (Photo: www.federalreserve.gov)
WASHINGTON -

Federal Reserve Chairman Ben Bernanke says banks' overly tight lending standards may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes.

Bernanke says some tightening of credit standards was needed after the 2008 financial crisis. But he says "the pendulum has swung too far the other way." He says some qualified borrowers are being prevented from getting home loans.

Bernanke comments to an audience in Atlanta came on a day when it was reported that average rate on the 30-year fixed mortgage fell to a record low of 3.34 percent. Rates have been low all year but have fallen further since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.

 

Copyright 2012 The Associated Press

  • Local NewsLocal NewsMore>>

  • $1M Powerball ticket sold in NJ set to expire

    $1M Powerball ticket sold in NJ set to expire

    Tuesday, September 2 2014 2:23 PM EDT2014-09-02 18:23:45 GMT
    State lottery officials say a Powerball ticket worth $1 million that was sold at a northern New Jersey convenience store last year will soon expire.
    State lottery officials say a Powerball ticket worth $1 million that was sold at a northern New Jersey convenience store last year will soon expire.
  • Princeton worker told to choose medical pot or job

    Princeton worker told to choose medical pot or job

    Tuesday, September 2 2014 2:19 PM EDT2014-09-02 18:19:48 GMT
    A Princeton University employee says he has been told to choose between medical marijuana and his job.
    A Princeton University employee says he has been told to choose between medical marijuana and his job.
  • Joan Rivers on life support

    Joan Rivers on life support

    Tuesday, September 2 2014 2:03 PM EDT2014-09-02 18:03:07 GMT

    Joan Rivers' family is confirming that the comedian is on life support after going into cardiac arrest last week during a procedure at a doctor's office.

    Joan Rivers' family is confirming that the comedian is on life support after going into cardiac arrest last week during a procedure at a doctor's office.

Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices