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]
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]
Nationwide Bank is offering an extremely low rate on home equity lines of credit (HELOCs) right now. Their advertised interest: 3.25%. Bankaholic reports: “Nationwide Bank has about the best deal around on HELOCs — if you can get one… Its line of credit is available in all states, carries no annual fee, and pays the [...] [...more]
Here’s some unexpected good news on the home equity front: e-Trade’s troubling home equity loan portfolio actually saw some improvements in the first couple months of 2009. Reuters explains: “Delinquent home equity loans — which represent E*Trade’s greatest exposure to loan losses — totaled $753 million in February, up 1 percent from the end of [...] [...more]
If you have a HELOC from Wells Fargo, be on the look out for a “plain looking” envelope in the mail that alerts you to an interest rate adjustment to over 10%. According to borrower reports, some homeowners are receiving these increases without missing any payments or otherwise violating the terms of the home equity [...] [...more]
Suffolk County Credit Union (NY) will soon offer residents a new type of HELOC, available for the purpose of making home improvements following universal design guidelines. These lines are intended to make homes a safer place for current and future residents, and include allowance for improvements such as installing safety valves to keep burning-hot water [...] [...more]
According to recent numbers, J.P. Morgan (the company that purchased Washington Mutual) now has the highest percentage of 2nd lien loans such as home equity lines of credit (HELOCs). A recent Seeking Alpha article reports: “For now, let’s realize that the JPM/WaMu combo has the highest concentration of 2nd lien loans (and Option ARMs) in [...] [...more]
According to new reports, a whopping 40% of banks recently reduced home equity lines of credit. The Associated Press explains: “Many banks have made it harder for borrowers to obtain all kinds of loans over the last three months despite a $700 billion federal bailout program and a flurry of other bold moves to stem [...] [...more]
