Comments on: Breaking: Countrywide discontinues HELOC and Closed End 2nds

By: Mike H

Mike H — Tue, 08 Apr 2008 14:34:24 +0000

HELOC FREEZE REALITY! We sent a warning letter to our database in February letting our clients know that there were rumors of lenders freezing HELOC’s. Well it finally happened to some of our clients here in NJ. I was a bit suprised to hear from 2 clients yesterday that they recieved a letter from Citimortgage with no warning freezing their HELOC. One client wrote a check on the line in between getting notice from Citi and the line was already frozen. I honestly didn’t think it would hit NJ so soon, there clients were in areas not experiencing much decline in value. Warning! No one is safe.

By: Tom Vanderwell

Tom Vanderwell — Sun, 23 Mar 2008 03:08:49 +0000

I’m hearing rumblings of not stopping writing new equity lines, but freezing existing ones. And guess which ones are getting frozen first…..?

Broker originated…..

By: Marc

Marc — Fri, 21 Mar 2008 20:51:02 +0000

I had heard reports that lenders were going to be discontinuing their lines of credit to home owners. I guess they are going to do it now.

By: Friday afternoon linkage « Amused by Rick

Friday afternoon linkage « Amused by Rick — Fri, 21 Mar 2008 20:39:45 +0000

[...] party is officially over, Countrywide has discontinued it’s wholesale equity line products. I wonder what effect this is going to have on the luxury car market (seriously). No more [...]