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BUSINESS
By BLOOMBERG BUSINESS NEWS | September 22, 1996
BOSTON -- The number of U.S. mutual fund companies requesting protective lines of credit from banks is up about 50 percent from a year ago, according to bank officials."
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BUSINESS
By MarketWatch | January 17, 2008
NEW YORK -- Just as banks are struggling to get out from under the subprime mortgage mess, they're facing a new burden: growing delinquencies for home equity loans. Three of the largest U.S. banks that reported earnings this week, Citigroup Inc., Wells Fargo & Co. and JPMorgan Chase & Co., said that mounting pressure on home-equity loans was a major - and growing - problem in the fourth quarter. JPMorgan's fourth-quarter profit fell 34 percent, a change it attributed at least in part to its lagging home equity products.
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BUSINESS
November 22, 1998
The number of U.S. households with home equity loans reached 9 million in 1997, according to a report released by the University of Michigan's Survey Research Center.The report, conducted from May to October 1997, found the percentage of homeowners with either a traditional home equity loan or a home equity line of credit was 13 percent, just two percentage points higher than the 11 percent of homeowners with home equity loans in 1988.But, with an increase in U.S. households and homeowners in the decade, the total number of home equity borrowers increased 38 percent, from 6.5 million in 1988 to 9 million in 1997.
BUSINESS
By Tami Luhby and Tami Luhby,Newsday | December 3, 2006
Most people know that a credit score is important when it comes to getting a mortgage. But did you know that it also could affect your ability to get a job? Or rent an apartment? Or secure a good rate on car insurance? "The credit score is really the key to your financial life, and we're not just talking about getting credit," said Travis Plunkett, legislative director of the Consumer Federation of America. Credit scores are used by a host of people and businesses, including lenders, employers, insurance agents, landlords and utilities.
BUSINESS
By Kenneth R. Harney | September 29, 1996
ONE OF THE most valuable federal incentives set aside for homeowners -- the ability to borrow money for consumer expenditures and deduct interest payments on federal tax filings -- has become virtually the preserve of baby boomers with higher-than-average incomes.A study of home equity lending by the Consumer Bankers Association finds that the typical borrower with a home equity line of credit is between 35 and 49 and has an annual household income close to $60,000.The No. 1 reason for taking out the credit line, according to the study: to pay off higher-rate consumer debt such as credit card balances and unsecured personal loans with lower-cost home equity dollars.
BUSINESS
By Phil Roosevelt and Phil Roosevelt,American Banker | September 30, 1990
NEW YORK -- Home-equity lines of credit, whose popularity soared in recent years, are entering an era of sharply reduced growth because of weak economic conditions in many regions, a new study found.Home-equity lines outstanding at banks, thrifts and other institutions will grow by an average of 11.1 percent a year from this year through 1992, down from a 26.9 percent average for the previous three years, the study said.The report by Regional Financial Associates in West Chester, Pa., predicted growth will be weakest in New England and strongest in the Pacific Northwest.
BUSINESS
By John H. Gormley Jr | December 20, 1991
Preston Corp. has reached agreement with its lenders on a restructuring of its loans and lines of credit.William B. Potter, chairman and president of the Eastern Shore-based trucking company, said yesterday that the restructing was not an indication of financial distress or difficulty repaying its loans."
NEWS
By Michael James and Michael James,SUN STAFF | January 13, 1998
Showing leniency based partly on the defendant's heroic Vietnam service record, a federal judge sentenced a former bank president to 21 months in prison yesterday for a $5 million fraud scheme.Mark Milton Feinberg, 48, whose helicopter rescue missions during the Vietnam conflict earned him 31 Air Medals, could have been sentenced to more than 6 1/2 years in prison under federal sentencing guidelines for his bank fraud convictions in U.S. District Court in Baltimore.But Judge Marvin J. Garbis granted him the lighter sentence after considering his military service and the circumstances of the crime, which Feinberg's lawyer claims brought him no profit.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 6, 2003
Americans are borrowing against their homes at unprecedented levels, leading some bankruptcy lawyers and consumer advocates to warn that many people could wind up losing their homes. Homeowners raised $130 billion last year through home-equity loans and lines of credit, nearly double the total a year earlier, according to the Federal Reserve. As long as their home values rise, borrowers who are having trouble making their payments can make further loans or can sell their homes for more than they owe. People have not fallen behind on their home-equity loans nationwide in troubling numbers.
BUSINESS
By MarketWatch | January 17, 2008
NEW YORK -- Just as banks are struggling to get out from under the subprime mortgage mess, they're facing a new burden: growing delinquencies for home equity loans. Three of the largest U.S. banks that reported earnings this week, Citigroup Inc., Wells Fargo & Co. and JPMorgan Chase & Co., said that mounting pressure on home-equity loans was a major - and growing - problem in the fourth quarter. JPMorgan's fourth-quarter profit fell 34 percent, a change it attributed at least in part to its lagging home equity products.
BUSINESS
By CAROLYN BIGDA | June 12, 2005
Your credit card debt might look innocent enough today. The median balance for college students is $1,600, according to Nellie Mae's most recent National Student Loan Survey. But between the ages 25 and 34, the average balance mushrooms to $4,088, according to a 2004 report from Demos, a public-policy group in New York. Combined with fresh car loans, mortgages and student loans, that debt level easily can strain a young household's budget. Feeling queasy? Interest rates on credit cards average about 13 percent, so your first priority should be to pay off the plastic.
BUSINESS
By KENNETH HARNEY | December 5, 2004
AMERICANS may be filling the malls for holiday shopping, but when it comes to serious financing needs they are lining up in record numbers to tap their real estate equities. New research by mortgage market giant Freddie Mac found that 60 percent of all refinanced mortgages the corporation purchased during the third quarter of 2004 involved "cash-outs," where homeowners increased the size of their loans and pocketed the difference tax-free. That 60 percent figure was up from 42 percent during the second quarter and represents the highest rate since mid-2002.
BUSINESS
By Liz Pulliam Weston and Liz Pulliam Weston,SPECIAL TO THE L.A. TIMES | July 20, 2003
You've repeatedly warned people that closing credit accounts can hurt their credit score. Before reading your column, I thought it would be a good idea to close the credit-card accounts I have with zero balances, but now I'm wondering whether I should just quit using them. Which is better, to have the creditor close the account for inactivity or to do it myself? The leading credit score, known as FICO, pays no attention to who closes the account, so the effect of closing it yourself or letting it be closed due to lack of activity is about the same.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 6, 2003
Americans are borrowing against their homes at unprecedented levels, leading some bankruptcy lawyers and consumer advocates to warn that many people could wind up losing their homes. Homeowners raised $130 billion last year through home-equity loans and lines of credit, nearly double the total a year earlier, according to the Federal Reserve. As long as their home values rise, borrowers who are having trouble making their payments can make further loans or can sell their homes for more than they owe. People have not fallen behind on their home-equity loans nationwide in troubling numbers.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | March 6, 2003
Royal Ahold NV pledged Giant Food Inc. and several other U.S. and Dutch grocery store chains as collateral to secure a critical line of credit from bankers, who remain skeptical of the company's finances in the wake of a $500 million accounting scandal at its Columbia-based U.S. Foodservice unit. In addition to Landover-based Giant, terms of the $2.91 billion credit agreement give the banks liens on two other Ahold grocery chains in the United States: Stop & Shop Supermarket Co. in Quincy, Mass.
BUSINESS
By Patricia V. Rivera and Patricia V. Rivera,SPECIAL TO THE SUN | January 26, 2003
A growing number of consumers are choosing to use the equity in their home as collateral for credit, allowing them to do anything from consolidating debt to paying a child's college tuition to funding a trip to Tahiti. If they are not careful, however, what seems like a safe asset could turn into anything but that, experts said. Homeowners could end up losing their home if they can't make the payments. "It's become too easy to deplete the best piggybank available right now, which is your home," said Keith T. Gumbinger, a vice president of HSH Associates, a financial publisher in Butler, N.J. The appeal of home equity loans is easy to understand.
BUSINESS
By KENNETH HARNEY and KENNETH HARNEY,Washington Post Writers Group | September 23, 1990
WASHINGTON -- The Federal Reserve Board has issued a key ruling affecting thousands of current and future home-equity-loan borrowers.After six months of debate, the board voted recently to tighten certain disclosure requirements for home-equity lenders.The Fed said lenders must now state in the equity-line contract document that they retain the option to cut off credit advances whenever the rate cap is reached.Existing federal regulations do not mandate such a disclosure.Though the new rules represent an effort by the Fed to provide stronger protections to home-equity borrowers, they also signify a setback for Consumers Union.
BUSINESS
By Patricia V. Rivera and Patricia V. Rivera,SPECIAL TO THE SUN | January 26, 2003
A growing number of consumers are choosing to use the equity in their home as collateral for credit, allowing them to do anything from consolidating debt to paying a child's college tuition to funding a trip to Tahiti. If they are not careful, however, what seems like a safe asset could turn into anything but that, experts said. Homeowners could end up losing their home if they can't make the payments. "It's become too easy to deplete the best piggybank available right now, which is your home," said Keith T. Gumbinger, a vice president of HSH Associates, a financial publisher in Butler, N.J. The appeal of home equity loans is easy to understand.
BUSINESS
By KENNETH HARNEY | July 28, 2002
IF YOU OWN a home with a mortgage, do you really need any other source of credit? Is there any source of spendable cash that carries a lower interest rate and is tax-deductible to boot? Could your credit cards, personal loans, investment accounts and banking relationships all be tied into your home mortgage? The answers to these questions are swirling in the heads of some of the most creative marketers in the American mortgage business. Large banks, mortgage companies and investors are working on competing versions of a similar concept.
SPORTS
By Tom Keyser and Tom Keyser,SUN STAFF | March 31, 2001
The Maryland Racing Commission gave preliminary approval yesterday to a bid by William Rickman Jr. to build a horse track in Western Maryland, acting after the Maryland Jockey Club agreed to drop its opposition. Rickman, owner of Delaware Park and Ocean Downs, presented the commission with a $20 million line of credit for Allegany Racing Association, the entity composed of Rickman and his father, William Rickman, that proposes to construct the track in eastern Allegany County. Representatives of the Maryland Jockey Club stopped fighting the proposal after Rickman secured the line of credit from the Wilmington Trust Co. in Delaware.
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