Guess you haven't been reading the papers or watching the telly.
The whole reason we have this here recession is cuz banks were loaning 80, 90, 95, and even 100% of appraised value, and were not paying attention to incomes AT ALL.
Then you would be guessing wrong!
The failings of 2 years ago and longer, are the reason the criteria are now stricter. It is the situation now that was being discussed. Present tense rather than past tense.