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JP Morgan, Morgan Stanley Pull Back on Mortgages 

Aug 06, 2008By

It can seem like banks and non-bank lenders are stuck in a repeating loop these days: tighten lending standards, tout new standards as proof of commitment to sustainable lending, discover losses are still mounting, so tighten lending standards some more. And so the loop has gone on for many mortgage lenders in the current cycle. The latest two firms to tighten their belts around mortgages are two of Wall Street’s finest: JP Morgan Chase & Co. [stock JPM][/stock] and Morgan Stanley [stock MS][/stock].