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Released: September 23, 2011
Housing slump hits new mortgage loans
Source: Nick Timiraos and Alan Zibel, Wall Street Journal (Paid Registration)
Mortgage lending declined last year amid weak demand and tight credit standards, with particularly sharp credit contractions in neighborhoods with many foreclosures, according to the Federal Reserve. In its annual analysis of mortgage data provided by thousands of financial institutions, the Fed found that lenders originated 7.9 million mortgages in 2010, down 12% from 2009. The only year they were lower in the past decade was 2008, when they hit 7.2 million. The Fed analyzed data from more than 7,900 mortgage lenders that are reported to regulators under the Home Mortgage Disclosure Act. The report found that declines in lending were "notably larger" in neighborhoods that have been hardest-hit by foreclosures and price declines. Many of those neighborhoods saw high concentrations of subprime and other exotic mortgages during the housing boom.Read Full Article: Housing slump hits new mortgage loans
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