Bernanke says tighter lending standards might be holding back U.S. economy | Synopsis

Bernanke says tighter lending standards might be holding back U.S. economy

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WASHINGTON Federal Reserve Chairman Ben Bernanke said Thursday that banks' overly tight lending standards may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes. Some tightening of credit standards was needed after the 2008 financial crisis, but "the pendulum has swung too far the other way." Bernanke said. Qualified borrowers are being prevented from getting home loans, he said during a speech to the Operation HOPE Global Financial Dignity Summit in Atlanta. Operation HOPE is a non-profit organization that provides free economic education and financial counseling to lower- and middle-income Americans. Bernanke's comments came on a day when mortgage buyer Freddie Mac said the 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.

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Chairman Ben Bernanke

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Bernanke says tighter lending standards might be holding back U.S. economy

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Federal Reserve chief says qualified borrowers are being prevented from getting home loans

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• borrowing
• chairman ben bernanke
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• credit score
• fed
• fed chief
• federal reserve
• loan approval
• tighter standards

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