Since U.S. President Barack Obama unveiled his plan to help troubled U.S. homeowners rework their mortgages by underwriting part of the expense for select lenders under very limited conditions, the results have been underwhelming.
According to a June 11th Associated Press release, U.S. foreclosures increased 18% over this time one year ago, and the crisis is now spreading to prime mortgages due to high unemployment.
The Federal Reserve just released its latest figures on credit standards and credit demand. The “Senior Loan Officer Opinion Survey on Bank Lending Practices,” in the words of the Fed, is designed to shed some light on “changes in the standards and terms of the banks’ lending and the state of business and household demand for loans.”
More on Federal Reserve bank officer survey shows standards continue to tighten
