In further evidence of the ongoing credit contraction, Mortgagedaily.com reports Lehman Brothers is shuttering its Small Business Finance unit. The division made small commercial mortgage loans to individuals and corporations. The closure is the latest in Lehman's efforts to shrink its mortgage business and reduce exposure to the US housing market.
Lenders everywhere are reducing access to credit, even as struggling consumers need it most to make ends meet. As banks and other financial companies delever, credit-dependent Americans will find it harder and harder to maintain their spend-happy ways.
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