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A Single Investor Crashes Mortgage Credit Availability Index

Lending standards tightened in February, especially for conforming and super-conforming (jumbo) loans. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) declined by 1.2 percent in February.  The composite index fell to 180.7 from 182.9 in January while some components retreated to multi-month lows. A decline indicates a tightening of lending standards while an increase means the reverse. Lynn Fisher, MBA's Vice President of Research and Economics, reported that, "Credit availability fell in February by 1.2 percent, led downwards by a decline in conventional offerings. A change in program offerings from a single large investor in the conventional space was responsible for much of the net decline

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