Mortgage Delinquencies Signal Credit Crunch

According to a recent MarketWatch article, the credit crunch and tightened guidelines for home financing has not disappeared yet.  With foreclosure and delinquency mortgage rates rising to a record high, banks were still clamping down on mortgage lending to businesses and consumers over the last 3months and they said they planned to keep their credit requirements tight for at least a year, the Federal Reserve reported Monday.  In its quarterly survey of banks’ senior loan officers, the Fed said lending standards got even tighter for almost every type of mortgage loan, from prime residential mortgages to commercial and industrial loans. The survey covered May, June and July.  ” Read the complete post> Credit Crunch and Tightened Home Financing