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In a recent interview with the Los Angeles Times, Bank of America CEO Ken Lewis discussed several aspects of the lending crisis, including bank losses on home equity loans. Here a blurb: “Home equity [loan] deterioration has been much more rapid than we predicted. Our portfolio has a lower loss rate than most but the rate [...] [...more]
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Most home equity lenders claim to have some sort of appeal process for borrowers facing line reductions. According to a Wall Street Journal article, Bank of America is willing to reconsider their HELOC freeze decisions. If the borrower can prove that their property has not lost as much equity as believed, the lender may be able [...] [...more]
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A new report from J.D. Power and Associates ranks home equity lenders according to the results of a customer satisfaction survey. As I reported earlier this week, overall customer satisfaction has improved since last year. However, not all HELOC lenders faired equally. Here are the results, on a scale of one to one-thousand: Bank of America: 811 SunTrust: [...] [...more]
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Bank of America is now predicting even greater losses on HELOC investments than initially expected. The Los Angeles Times reports: “Bank of America Corp. warned Tuesday that its losses on home-equity loans would be worse than it predicted just three weeks ago, adding to evidence that more consumers are falling behind on debts… At an investor conference [...] [...more]
