Home equity credit lines see a resurgence
from Los Angeles Times
One of the mortgage products that contributed to the housing crash is booming again: new home equity credit line borrowings soared 42 percent in the final three months of 2013 and were up sharply for the entire year, to $111 billion. But does this point to a return to the "my house is an ATM" mentality that characterized excessive home equity borrowing from 2004 through 2007, just before the crash? Should consumers — and the banks doling out the cash — be cautious about this trend?
7701 Las Colinas Blvd., Ste. 800, Irving, TX 75063