Video: Federal Reserve Says Banks Will Tighten Credit Terms
The Federal Reserve released quarterly survey results today that showed banks are expecting to tighten credit terms. In reaction to a new law to protect consumers from unexcited rate hikes, the Fed said banks will hike rates, cut credit limits, and raise annual fees for borrowers with good and risky credit alike.
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In an address to Congress and the nation, President Obama says his administration is doing everything possible to restart lending by financial institutions.
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Video: Can the Credit Market 'Unfreeze' In A Weak Economy?
02/12/09 The lack of credit is one of the main symptoms of the current crisis but can it work in a weak economy and can the economy function without a strong credit market?
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Mitch Landis and Josh Butler examine the current crisis now facing credit card companies, who have faced recent difficulty trying to sell off consumer debt to investors.
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A professional journalist who lives with his family outside Washington DC, Scott Nance has covered Congress and the federal government for more than a decade. He is also a regular contributor to The Democratic Daily.