The Oregon Credit Crunch

From the Portland Business Journal:
Ryan Buchanan wasn’t too surprised when his bank asked for a lien on his house after he applied to increase the credit line for his Internet marketing company.After all, his father, a successful businessman, had warned Buchanan that tightening credit markets could affect borrowing requirements, even for an established and thriving company like eROI Inc., which has been growing handsomely for more than five years.With credit markets tightening, it’s a story that’s starting to sound familiar to Portland-area business people.Loan officers are asking for more proof of income and profits, more verification of the value of assets and more documentation of accounts receivable.Even for banks with plenty of available cash, there’s pressure from regulators to bemore careful when verifying a borrower’s ability to pay. The pressure stems from recent criticism of banking regulators who didn’t dig deeply enough into the soundness of subprime mortgages.Even regulators who […]

Original post by Clint8200

This entry was posted on Saturday, April 12th, 2008 at 7:45 pm and is filed under Credit Crunch. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.