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Wall St. Journal notes CUs as HELOC option
NEW YORK (7/1/08)--Credit unions are a good option for consumers seeking home equity lines of credit (HELOCs), as falling home prices and the credit crunch causing lenders to freeze HELOCs on hundreds of thousands of homeowners nationwide, according to a Friday article in The Wall Street Journal. The article, “Renovators in Limbo,” by June Fletcher, lists tips for consumers who have had their HELOCS cancelled or for those worried that cancellations are pending. The home renovation boom of recent years has largely been funded by borrowing against home equity, the article said. One tip is to look locally for funding to financial institutions, such as credit unions, which still may offer financing. Banks that rely on Wall Street backing are the most likely to pull the plug on home equity liens of credit. Some big lenders such as Bank of America, Citibank, Countrywide Financial, Washington Mutual Bank and USAA to-date this year have told hundreds of thousands of consumers that their HELOCs have been frozen, the article said. New credit lines also are being limited, the article added.
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