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Monday, July 7, 2008

The Home-Equity Door Slams Shut By Pat Mertz Esswein FROM Kiplinger's Personal Finance

Some 122,000 borrowers with Countrywide home-equity lines of credit, or HELOCs, received letters in January informing them that they could no longer withdraw funds from their lines. A few months later, thousands of customers of other major lenders -- including Bank of America, J.P. Morgan Chase, Citibank, SunTrust, USAA, Wachovia, Washington Mutual and Wells Fargo -- also received notice that their lines had been frozen or reduced.

It's a jolt to borrowers who have relied on their home-equity line as an emergency fund or an all-you-can-eat buffet.

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