Lenders shutting down operations as US mortgage struggles get worse

Lenders shutting down operations as US mortgage struggles get worse. US mortgage interest rates have surged over the past few weeks causing fewer Americans to refinance or apply for new mortgage loan. As a result, mortgage lenders are struggling and many have suspended operations or sharply reduced their staffs. Home builders are still optimistic about the state of US housing but the weakening demand for home loans is troubling. The silver lining in this scenario is that lower lending is partly a result of tougher lending standards set by government regulators. While weak loan demand isn't ideal, it's much better than a temporary surge based on risky and unsustainable loans like the country saw during the housing bubble. (VIEW LINK)