Delinquencies Climb on Home Equity Loans
Los Angeles Times
July 8, 2009
P. B2
The American Bankers Association reports that delinquencies on home equity loans rose to an all-time high of 3.52 percent of all accounts in the first quarter, up from 3.03 percent in the fourth quarter; while late payments on home equity lines of credit also rose to a record, at 1.89 percent. According to ABA chief economist James Chessen, delinquencies are unlikely to decline until the economy and the employment rate improve. He says banks have increased their reserves for losses on delinquent loans and tightened their underwriting policies.
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