Wednesday 10 September 2014

Bubble-Era Home Equity Loans Are Set to Bite Borrowers - Businessweek

"Some 2.5 million homeowners may soon face a shock: The home equity loans they took out a decade ago, in the credit-flush run-up to the housing crash, are coming due.

Home equity loans extend a line of credit to homeowners based on (and secured by) the value of their houses. Borrowers pay only the monthly interest on the loans for a set period of time, typically 10 years. After that, they must start paying down the principal. The balance on outstanding home equity loans nearly tripled from the start of 2003 through the peak in the first quarter of 2009, according to data from the New York Fed. All these loans will come due in the next five years."

http://www.businessweek.com/articles/2014-09-09/bubble-era-home-equity-loans-set-to-bite-borrowers



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Sketches from scratches is a provocative blogspot that has grown out of the Wuh Lax experience. It is eclectic, which means that it might consider just about anything from the simple to the extremely difficult. A scratch can be something that is troubling me or a short line on paper. From a scratch comes a verbal sketch or image sketch of the issue or subject. Other sites have other stuff that should really be of interest to the broad reader. I try to develop themes, but variety often comes before depth. ... more!