what you look at when you see these new entrants with haidi lun conceives? they more resistant and giving him credit were starting to pull back?" subprime lenders are pulling back. they're reducing or even eliminating that lowest credit tier borrower. they're are making changes to things like thresholds for pti and dti. subprime lending has really shifted to where underwriting is so automated that lenders can make changes in reaction to the environment very quickly, and we are seeing that. matt: margaret, thank you for that time. this is the kind of data we really need to watch and the fed is watching i'm sure as well in order to make interest-rate decisions for the future. coming up next, the surveillance team takes over as we await the federal reserve decision at the top of the hour. tom and lisa joining you next. this is "bloomberg." ♪ you want to be able to provide your child with the tools or resources they need. with reliable internet at home, through the internet essentials program, the world opened up. fellas, fellas. that's how my son was able to fi