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Wednesday, November 7, 2007

Banks Tighten Business, Consumer Lending Standards

November 5 2007
Banks made it tougher for American businesses and consumers to borrow in the past three months and said demand for loans slackened, a Federal Reserve survey showed. The changes were most pronounced in real estate, where half of U.S. banks had more-stringent requirements for commercial loans. For home mortgages, 60 percent of the 40 banks offering nontraditional loans tightened their standards, according to the quarterly survey of senior loan officers, conducted in October.

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