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WASHINGTON — The Federal Reserve reported Monday that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit crisis.
The Fed said that the percentage of banks reporting tighter lending standards was near historic highs for nearly all loan categories.
The survey, conducted in April, found that nearly two-thirds of banks surveyed had tightened lending standards on traditional home mortgages, with 15 percent saying those standards had been tightened considerably. But the survey found that the tougher lending standards extend far beyond home mortgages to other types of consumer debt such as credit cards and home-equity lines of credit.
