Bernanke 'couldn't refinance mortgage'

Ben Bernanke Image copyright Getty Images

The former head of the Federal Reserve, Ben Bernanke, has had a request declined to have his mortgage renewed.

According to Bloomberg News, Mr Bernanke told a conference in Chicago: "I recently tried to refinance my mortgage and I was unsuccessful in doing so."

"I'm not making that up," he added, as the audience laughed.

He went on to suggest that banks "may have gone a little bit too far on mortgage credit conditions".

He added that the market for first-time home buyers was "not what it should be".

Mr Bernanke was chairman of the Federal Reserve between 2006 to 2014, when the current head, Janet Yellen, took over.

More on this story