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 [...] [...more]
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 [...] [...more]
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 [...] [...more]
