The foreclosure crisis is receding, but it has having an enduring impact on lenders' risk appetites.

Only 8% of mortgage origination volume in the second quarter went to borrowers with credit scores of 660 or lower, according to a new study by researchers at the Federal Reserve Bank of New York. Even during the economic depths of 2009, borrowers within that credit score range, which is generally considered subprime, got a bigger share of the nation's total mortgage volume.

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