References in periodicals archive ?
The data firm reported that the majority of HELOCs opened between 2005 and 2008 will begin to enter their drawdown periods soon, and they represent $265 billion in indebtedness overall.
HELOCs are attractive because of their low interest rates and repayment flexibility.
Originally filed in January 2009, the lawsuit claimed that Citigroup had begun in early 2008 to send HELOC suspension or reduction notices to borrowers whose homes had supposedly fallen steeply in value.
Real estate prices had appreciated handsomely in New York, so Brown increased his HELOC to $100,000 in order to make deals.
The weaker performance of the closed-end second lien transactions relative to the HELOC transactions can be explained by the credit profile of the borrowers in the rated transactions.
In addition, higher HELOC balances equate to higher risk, especially for hourly employees (see Figure 2).
Other signs included wire requests received by fax with accurately forged signatures, which the fraudsters find on the HELOC documents they search out online, the alert said.
RMBS Second Lien and HELOC Rating Actions for October 8, 2010' provides the contact information for the performance analyst.
For lenders, the more than $30 billion in new HELOCs in Q1 highlights an opportunity for growth, but must be capitalized upon carefully to mitigate risk.
Becker said the risk was not only in the possibility borrowers may default on their HELOC, but also that borrowers may default on other loans in favor of making the HELOC payments.
For example, in 2004 a homeowner secures a $500,000 1st mortgage as a 5/1 ARM at 5% and a $200,000 HELOC at Prime, which in June of last year was a very low 4%.
Credit Union Outsources Compliance to Bolster HELOC Program