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However, 50 percent of the respondents said there was a lack of demand
for such loans and 40 percent said there was a limited number of
mortgage applicants at their bank who meet the Fannie Mae and Freddie
Mac underwriting criteria for conforming jumbo loans, which require
better credit scores and higher down payments.
The Fed survey also revealed that both domestic and foreign banks
expected to continue tightening standards on most loans through the
end of 2008 and into 2009.
"We think the Fed might have to be tightening by the end of this year,
so higher interest rates coupled with higher credit standards is not a
pretty picture," said Kim Rupert, managing director of Action
Economics LLC in San Francisco.
(Reporting by David Lawder; Editing by Neil Stempleman
Computer Business Loans: www.my-quickloans.com
for such loans and 40 percent said there was a limited number of
mortgage applicants at their bank who meet the Fannie Mae and Freddie
Mac underwriting criteria for conforming jumbo loans, which require
better credit scores and higher down payments.
The Fed survey also revealed that both domestic and foreign banks
expected to continue tightening standards on most loans through the
end of 2008 and into 2009.
"We think the Fed might have to be tightening by the end of this year,
so higher interest rates coupled with higher credit standards is not a
pretty picture," said Kim Rupert, managing director of Action
Economics LLC in San Francisco.
(Reporting by David Lawder; Editing by Neil Stempleman
Computer Business Loans: www.my-quickloans.com