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Federal Reserve Chairman Ben Bernanke offers the keynote speech at the Operation HOPE Global Financial Dignity Summit Thursday, Nov. 15, 2012, in Atlanta. Bernanke said Thursday that banks' overly tight lending standards may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes. (AP Photo/David Goldman)

WASHINGTON – Federal Reserve Chairman Ben Bernanke said Thursday that banks' overly tight lending standards may be holding back the U.S. economy by preventing creditworthy borrowers from buying homes.

Some tightening of credit standards was needed after the 2008 financial crisis, but "the pendulum has swung too far the other way." Bernanke said. Qualified borrowers are being prevented from getting home loans, he said during a speech to the Operation HOPE Global Financial Dignity Summit in Atlanta.

Operation HOPE is a non-profit organization that provides free economic education and financial counselling to lower- and middle-income Americans.

Read the complete Associated Press article here.

 

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