HELOC tightening | Clipmarks


	HELOC tightening

dquinter

2-11-2008 1:39 PM

147 views

tags:

optional. separate by commas., bank, real estate, foreclosure

dquinter says:

An article relating to the HELOC tightening Mr. Bruce Norris mentioned at the seminar last week.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/9e0e0db1-c90f-45ea-a11e-82f0354ea8a8/4582F370-689F-49B7-B307-04328256858C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002" href="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002" style="font-size: 11px;">realestate.aol.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002"><P>To head off more defaults, Countywide sent out letters to 122,000 homeowners last week informing them that their home equity credit lines were shut down since their estimated <A href="http://realestate.aol.com/home-values">home values</A> had dropped below their loan amounts.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002"><P>Right behind Countrywide was Chase Home Lending, which notified borrowers in Los Angeles, Imperial and Orange Counties that they could tap their credit lines for no more than 70% of the value of their house. Previously, the limit had been 90%.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002"><P>The Calculated Risk blog, which specializes in <A href="http://realestate.aol.com/">real estate</A> and mortgage finance issues, has estimated that mortgage equity withdrawals for the fourth quarter totaled $145 billion. If tightening lending standards are put rapidly into place for home equity loans, it is not inconceivable that $50 billion or more of spending power is instantly removed from the economy.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://realestate.aol.com/article/_a/home-equity-loan-defaults-soar/20080204112109990001?ncid=AOLCOMMre00DYNLsec0002"><P>In other words, at least one-third of the recently passed $150 billion stimulus package is already canceled out.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/4582F370-689F-49B7-B307-04328256858C/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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