The mortgage market is still so tight, even former Federal Reserve Chairman Ben S. Bernanke is having a hard time refinancing his home loan.
Bernanke, speaking at a conference in Chicago, told moderator Mark Zandi of Moody's Analytics Inc. that "I recently tried to refinance my mortgage and I was unsuccessful in doing so."
When the audience laughed, Bernanke said, "I'm not making that up."
"I think it's entirely possible" that lenders "may have gone a little bit too far on mortgage credit conditions," he said.
Bernanke, addressing a conference of the National Investment Center for Seniors Housing and Care in Chicago, said that the first-time home buyer market is "not what it should be" as the economy in general strengthens.