Homebuilder Stocks Are Crashing Today as Lenders Tighten Up
Shares of major homebuilders are down sharply today, on news that it's about to get even harder to get a mortgage. Over the weekend, it was reported that JPMorgan Chase (NYSE: JPM) was going to tighten lending standards for mortgages. The bank, which is America's largest by assets, said it would require a 20% down payment and a credit score of 700 or higher.
Investors have reacted about as you would expect today, sending the biggest homebuilders' stocks down sharply:
Source: YCharts. As of 1:12 p.m. EDT April 13.
Source Fool.com
