Don’t plan on taking out a home equity line of credit from J.P. Morgan anytime soon. According to MarketWatch, their HELOC originations dropped a whopping 77% when compared to last year:
“Home equity loan origination dropped more dramatically, falling 77% on a year-to-year basis. “Declines reflect tighter underwriting standards and the overall reduction in liquidity in the financial markets,” the bank said.”
We known that taking out a home equity line has become more difficult due to recent economic turmoil, but that’s still a pretty shocking number.
I recently spoke with a few mortgage brokers in California – They say times are are so tough entire offices are empty, many support services (such as couriers) have gone bankrupt, and their peers are looking for hourly wage jobs doing just about anything.
See Also:
65% Find it Harder to Take out a Home Equity Line
