1 in 3 Mortgage Applications Denied in 2008

The Federal Reserve announced that 32% of loan applications were denied last year, and applications on the whole were down by a third from 2007.

"The report highlights massive changes in the lending industry after the housing market bust. Overall loan applications were down by a third from a year earlier, and were half the level in 2006.

Loans backed by the Federal Housing Administration soared to 21 percent of all loans made last year from less than 5 percent in both 2005 and 2006."

Full Story: Report: 1 in 3 loan applications denied

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