These is the kind of patterns one would expect to emerge as banks start to get the jitters. Just study the UK housing crash sequence (relatively a minor event compared to the US crash which was smaller yet again to and our upcoming one).
Tighter lending criteria means less money that can be borrowed. Less money --> lower bids. Lower bid --> lower prices. Lower prices --> more people wanting to sell. More supply - less demand --> lower prices still --> banks tighten more (and so on and so forth until the meltdown goes auto-pilot).
Often, the scary stuff is circulated in internal memos maked CONFIDENTAL - NOT FOR EXTERNAL DISTRIBUTION.
Bad debts will be a real problem and they must rein in now to minimize the damage. In any case, the horse has already bolted.
