Credit crunch toughens mortgage-lending standards

08/8/2007 | Forbes

Americans with less-than-stellar credit will find it difficult to get new loans. Numerous mortgage companies have announced they will not write new loans in light of the current credit crunch, while others are toughening approval standards. The Securities Industry and Financial Markets Association estimates investors bought more than $2 trillion in mortgage-backed securities last year, which prompted some lenders to ease standards.

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