Loan Officer Survey: Most Banks Hold Steady on Defensive Lending Standards
Posted To: MND NewsWire
The Federal Reserve has released the Q1 2010 Senior Loan Officer Survey . There has been little change in lending standards for either residential mortgage loans or home equity lines of credit over the past few months. According to the Federal Reserve, 79.2 percent of the banks surveyed had kept their credit standards basically unchanged for the prime category of mortgages . A total of 53 banks responded to the residential portion of the Senior Loan Officers Survey administered by the Fed; 29 of them were classified as "Large Banks" and 24 as "Other Banks." In addition to questions about residential mortgage lending, the quarterly survey asked respondents about the credit standards, motivation for the standards, and the level of demand for loans in various commercial and…(read more)
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