Former chairman of the Federal Reserve Ben Bernanke, one of the key figures in global efforts to contain the 2008 financial crash, has been unable to refinance his own property, reports have claimed.
Mr Bernanke, who was involved in the bailout of insurer American International Group, was a key advocate of quantitative easing, and kept interest rates low in an attempt to lead the US out of the financial crisis.
But he said he had trouble refinancing one of his own properties because of mortgage lending standards, according to reports.
During an event held by the National Investment Center for Seniors Housing and Care, Mr Bernanke, a fellow in residence at the Brookings Institution, reportedly said that he had tried to refinance his mortgage and was “unsuccessful in doing so”.
Neither Mr Bernanke nor the NIC responded to requests for comment.
Adviser view
Brian Brotherton, mortgage adviser for Essex-based The Partnership, said this sort of strict application standard was being reflected in the UK, even among those clients who were financially savvy and who had previously been given mortgages.
He said: “We see this on a regular basis following the Mortgage Market Review, because of the affordability calculators.”
