Credit Crunch Has Done Its Worst, Greenspan Testifies

WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan said Wednesday that the worst of the bank-credit crunch may be over, but he added there is little sign of improvement.

Mr. Greenspan told a Senate panel that the deterioration of the real estate market had made it "very difficult" to overcome the tightness of credit. He said that, in contrast to commercial real estate markets, "residential markets are obviously coming back."

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