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Business Briefing / THE ECONOMY

Underwriting standards tighten

June 13, 2008|From Times Wire Services

U.S. banks holding more than 80% of all loans strengthened their underwriting standards as the institutions responded to volatility in financial markets, a federal bank regulator said.

The annual survey by the Office of the Comptroller of the Currency, using data from national banks for the year ended March 31, shows the companies reined in lending standards as record foreclosures contributed to the worst housing slump since the Great Depression.

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