home equity lines
Lenders limit home equity lines
LENDERS LIMIT HOME EQUITY LINES Some of the nation's biggest mortgage lenders have recently told some customers with home equity lines of credit that they can no longer use those credit lines, citing falling home values that have eroded those customers' equity.
Trying to tap into home equity? We'll see
Countrywide and others tell thousands of homeowners that they can no longer borrow against their credit lines as the companies tighten standards. Tens of thousands of homeowners with home equity lines of credit are getting a rude surprise: They've been told by their lender that they can no longer take money out on their credit lines because sinking home prices have left them with little or no equity.
Countrywide mortgage volume falls 48%
The year-over-year result for October is reported as sub-prime loans all but disappear and delinquencies keep rising. Countrywide Financial Corp. on Tuesday said its monthly mortgage volume fell 48% in October from a year earlier as it all but stopped making sub-prime loans and sharply cut back on home equity lines of credit.
A mixed report on loan payments
A survey says fewer credit card users were late. Delinquencies on home equity lines rose. Late payments on credit card bills slipped in the second quarter while delinquencies on home equity lines of credit climbed to a 5 1/2 -year high, painting a mixed picture of how people are managing their debt.
Rate cut is mixed bag for many
Savers are pinched as CD yields fall. Home equity lines are cheaper but mortgage rates rise. Savers are beginning to feel the fallout from the Federal Reserve's interest rate cut: Yields on bank savings certificates fell over the last week at the fastest pace in more than four years.
