In a recent filing with the Securities and Exchange Commission, Washington Mutual Inc. said it reduced or suspended $6 billion in available credit on home-equity line-of-credit borrowers. A spokewoman told MortgageDaily.com that the thrift regularly reviews its HELOC portfolio and makes appropriate adjustments. She said other mortgage lenders are also reducing available credit on HELOCs in light of the current housing market and declining values.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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