Here's an interesting court case from New York. A couple facing foreclosure says that they were looking for a home equity line of credit to remedy their financing troubles. An investment group said they could provide a HELOC. But, after the papers were signed, the couple learned that the documents were actually a purchase agreement [...]...

This week, the federal government made some important changes to Truth in Lending laws. Most notably, they created stricter regulations on high cost home equity loans. Housing Wire reports: "For loans defined as high-cost, the revamped TILA regulations will ban stated income and related lending practices, as well as forcing lenders to assess repayment ability based on [...]...

A recent survey reports that 65% of applicants find it more difficult to take out a home equity line of credit this year. Deloitte reports: "According to those who have attempted to secure several types of credit and mortgage products over the past year, a majority found it to be more difficult. Deloitte's survey revealed: Of those [...]...

Wells Fargo has seen some improved earnings this quarter. But, the lender continues to face major losses from home equity line of credit customers. Market Watch reports: "Within Wells Fargo's $84 billion home equity portfolio, 2.11% of loans had two or more payments that were late at the end of June. That's up from 1.86% at the [...]...

If you're an IndyMac customer, your home equity line of credit is now inaccessible. After taking over the struggling bank, the government has frozen all customer HELOCs. The FDIC says that home equity lines will be reviewed on a case-by-case basis. But, no information about the review process is currently available. It is possible that some IndyMac [...]...