Florida’s new Senate President is speaking out against banks that hoard federal bailout money while simultaneously reducing customer’s HELOC lines. A recent release from his office explains: “…Mike Haridopolos today called for hearings in Tallassee to investigate claims that after banks received hundreds of billions in federal bailout money they squeezed consumers and fraudulently or [...] [...more]
Chase Manhattan Bank is currently facing a class action suit after freezing a few too many HELOC lines. The lead plantiff, Mary Yakas, filed the suit after her HELOC was frozen in late 2008 based on Chase’s Automated Valuation Model. Courthouse News Service reports: “Yakas filed a class action, alleging breach of contract and unjust [...] [...more]
New credit card legislation takes effect later this month. However, borrowers have already encountered negative consequences from the more stringent requirements including reduced lines, higher fees, and increased interest rates. Borrowers dealing with undesirable changes from their credit card issuers may be able to mitigate some of these problems by transferring their debt to a [...] [...more]
Need to repair your roof or update your kitchen? In many cases, a HELOC can help you borrow money at a lower interest rate than a credit card or unsecured loan. New Jersey Business News explains: “The closing costs for a home equity product are often substantially less than those associated with a first mortgage, [...] [...more]
In late 2008 and early 2009, taking out a HELOC loan was very difficult. Burned by defaults and falling home prices, lenders were exercising extreme caution when it came to underwriting decisions. But, 2010 may be the year that frozen HELOCs begin to thaw. PBS’ Nightly Business Report explains: “As housing prices and the economy [...] [...more]
A new website is encouraging HELOC borrowers and other financial customers to “break up” with their banks. Instead, they recommend that people choose local banks and credit unions for more personalized, reasonable service. Is February the perfect time to cut ties with big banks and look for a better match? The Consumerist reports: “You deserve [...] [...more]
