Former Federal Reserve Chairman Ben Bernanke revealed last week that he was turned down when he tried to refinance his home loan.

According to Bloomberg News, Bernanke, in speaking at a conference in Chicago Thursday, told the crowd, “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”

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The audience reportedly laughed, and Bernanke responded: “I’m not making that up.”

“I think it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said.

Bernanke also told the conference of the National Investment Center for Seniors Housing and Care that the first-time homebuyer market is “not what it should be.”

Bernanke was paid $199,750 annually as head of the central bank and reportedly earned $250,000 in March for his first public speaking engagement since stepping down in January.

He also reportedly received $1 million in a deal to write his memoirs.