U.S. business borrowing for equipment falls about 7% in April: ELFA

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Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

(Reuters) – U.S. companies’ borrowings for capital investments fell about 7% in April from a year earlier, the Equipment Leasing and Finance Association (ELFA) said on Tuesday.

The companies signed up for $8.2 billion in new loans, leases and lines of credit last month, down from $8.8 billion a year earlier. Borrowings fell 8% from the previous month.

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Exclusive: JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

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NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N), the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar

From Tuesday, customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value.

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