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]
What a week. There has been some unprecedented instability amongst major home equity lenders during the past few days. Talk of a bailout, stock plunges, and bank failures have topped the headlines. Now it’s looking like only a handful of major HELOC lenders will come out of this. The next time you go to take [...] [...more]
According to some reports, Wachovia has continued freezing home equity lines of credit for several weeks. The Philadelphia Inquirer explains: “Wachovia credit-line customers whose home equity has declined 50 percent or more received letters in the last several weeks saying that their credit lines had been reduced or blocked, Wachovia spokeswoman Barbara Nate said. “Our [...] [...more]
Earlier today, Wachovia announced that it will be freezing HELOC lines for many current customers. Market Watch reports: “Wachovia Corp. said on Monday that it’s limiting homeowners’ ability to tap home equity lines of credit that they haven’t used yet as the giant bank tries to cut its exposure to the broadening housing crisis. Other [...] [...more]
