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TOL - Homebuilder Stocks Are Crashing Today as Lenders Tighten Up
Toll Brothers Inc.
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: