Former Fed chairman fails to qualify for refinancing loan

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Incident raises question of whether the credit market is too restrictive.

October 15, 2014

Is the credit market too tight? If you consider that former Federal Reserve Chairman Ben Bernanke was unable to qualify for a loan to refinance his own Washington, D.C., home, the answer might well be “yes.” Bernanke, who earns seven figures and owns a rowhouse on Capitol Hill in Washington, said that “it’s entirely possible [lenders] may have gone a little bit too far on mortgage credit conditions.”

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