WASHINGTON (Bloomberg) — The number of mortgages issued to low- and moderate-income U.S. homebuyers fell by 4 percent last year, the Federal Financial Institutions Examination Council reported.
At the same time, home loans extended to upper-income borrowers rose 3 percent, said the council, which coordinates policy among the five federal agencies that regulate banks and thrifts, in its survey of 19 million loans made by 7,713 lenders.
Advocates for low-income borrowers said they believed at first glance the data reflects the slowing economy rather than a change in lending patterns.