Credit squeeze getting worse, banks tell Fed
By Daniel at 11 August, 2008, 2:22 pm
WASHINGTON (MarketWatch) - The U.S. economy was squeezed further by the credit crunch in the past three months, and most banks expect to keep a lid on credit for the next year at least, the Federal Reserve reported Monday. A record percentage of banks were making it more difficult for borrowers in the three months ending in July, the Fed said in its quarterly senior loan officer survey of 52 major banks. A majority of banks tightened their rules for granting loans to businesses and consumers. The survey shows little appetite at banks to lend for home mortgages, credit cards, home equity loans, commercial real estate loans, or commercial and industrial loans.
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