The national credit squeeze is closely tied to local housing markets, said Eric Rosengren, president and chief executive of the Federal Reserve Bank of Boston.
“I would say that in many parts of the country the fact that housing prices have gone down and real estate is softening has affected small banks as well as large banks,” he said in a phone interview.
Rosengren, who earned his master’s and doctorate degrees in economics at UW-Madison, was in Madison Thursday to speak to students.