Banks get tighter on mortgages

After tightening their criteria during the credit crisis, banks are becoming even stricter about lending.

They are imposing tougher rules because of fears that higher unemployment will result in more home owners defaulting on loans.

How excellent!

After all, the crisis was (how much is arguable, but at least in part) caused by banks spraying mortgages at anyone who could hold the pen long enough to sign for it. Tightening underwriting standards is one of those good things, no?

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