Summary
About 14 percent of domestic banks have raised standards for mortgages, even for their best-rated customers, and 56 percent have made it more difficult for people with limited or poor credit to get loans, according to a Federal Reserve survey of senior loan officers. At Forum CU in Fishers, auto loans had been down due simply to a decline in car sales, said Andy Mattingly, the credit union's senior vice president of strategy and marketing. Congress passed a bill earlier this month that will boost college financial aid to $20 billion by taking money from governmentsubsidized lenders to in-crease federal Pell grants and decrease fixed-interest rates for student loans.
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Extract
Navigating the Credit Crunch
For months, we've been reading and hearing news about the so-called subprime mortgage crisis and the resulting "credit crunch.''
For thousands of families who have lost their homes to foreclosure, the crisis is clear. For most people, however, the impact isn't so obvious.Beyond those directly affected by mortgage defaults, who else should be concerned about the aftershocks?Some economic forecasters are warning that the subprime mortgage situation and the ongoing weakness in the housing market could linger long enough to ...See the full content of this document
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