Former Fed chairman couldn’t refinance his mortgage

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Ben Bernanke argues that lenders may have gone too far on mortgage credit conditions.

October 03, 2014

The Wall Street Journal blogger Nick Timiraos poses the question: “surely a man with high income, lots of equity in his home, good credit and a solid net worth must be able to get a mortgage?” But for Ben Bernanke, the answer was no.
 
The blogger says the issue isn’t about credit standards today being unnecessarily restrictive, but a lack of nuance. Lenders have reportedly grown to rely heavily on automated underwriting systems and the requisite documentation of borrower incomes, which can result in the odd situation – like Bernanke’s – where a perfectly qualified borrower might find a loan officer who’s unwilling to process a loan.
 
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