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Good news for HELOC borrowers - thanks to an emergency federal rate cut, your home equity bill may be getting smaller. Today, the government slashed the federal funds rate by half a percentage point. The New York Times reports: “The Fed said in a statement that, because of weakening economic activity, it had cut the Federal funds [...] [...more]
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National City is now offering some customers a $200 check if they agree to close their unused home equity lines of credit. Financial Times reports: “The bank’s initiative, which was launched at the end of July, encourages National City customers to surrender their unused home equity lines by waiving fees it would normally charge for closing the [...] [...more]
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National City, a major HELOC lender, is now on a form of probation with federal banking regulators. Reuters reports: “The banking subsidiary of National City Corp has signed a confidential memorandum of understanding with U.S. regulators, promising to address its rising amount of bad loans, a source familiar with the matter said on Monday. The memorandum signed [...] [...more]
