Fed – Loan Demand Fell, Lending Standards Tight
According to the Federal Reserve, the overall demand for most types of U.S. bank loans has fell greatly during the past three months, whereas the percentage of banks that were tightening their lending regulations and standards has declined from the peaks that were reached last year.
The survey taken by the Fed from bank loan officers in October showed that the demand was much stronger for prime residential real estate loans.
Furthermore, Fed declared that the demand for commercial and industrial loans, commercial real estate loans and nontraditional mortgages had fallen less as compared to residential loans.
However, the demand for consumer loans was weakening at the same rate, and it was more pronounced for home equity lines of credit.
The Fed also claimed that there was hardly any change in the number of banks that were tightening standards on prime residential mortgages and home equity lines of credit.
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