Yellen Says Reluctance to Lend Holding Back Housing Recovery
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Federal Reserve Chair Janet Yellen said banks’ reluctance to lend to any but the best credit risks is holding back the housing recovery.
“It is difficult for any homeowner who doesn’t have pristine credit these days to get a mortgage,” Yellen said at a press conference in Washington following the central bank’s policy meeting. That, she said, is ’’one of the factors that is causing the housing recovery to be slow.’’