Speaking at a conference in Chicago yesterday, Ben Bernanke gave the news to Mark Zandi of Moody’s analytics, according to a Bloomberg report.
“I recently tried to refinance my mortgage, and I was unsuccessful in doing so,” Bernanke said. “I’m not making that up,” he continued when the audience laughed.
Bernanke said that the housing market “is one area where regulation has not yet got it right.” He said it was “entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions.”
How tight is the mortgage market? Let’s put it this way: The former head of the Federal Reserve is having a tough time refinancing his mortgage.