Lending not likely to loosen up soon, says Fed’s Ben Bernanke

NEW YORK | One of the keys of the severe financial crisis in the US were “liar loans”, given to people who did not even have a job. Four years later, many worthy homebuyers are paying for that. Banks have become so restrictive in their mortgages that many citizens are frozen out of the housing market, Federal Reserve Chairman Ben Bernanke said on Thursday. Bernanke said home mortgage credit outstanding…