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JUST REPORTED WAMU cuts/suspends $6 BILLION in HELOCSUser Forum Topic
Submitted by HLS on May 16, 2008 - 12:26pm
WaMu Cuts or Suspends $6B in HELOCs Washington Mutual, one of the nation's largest second-lien lenders, has terminated or suspended $6 billion in available home-equity lines of credit. I also predict that people will have CREDIT CARD lines shut down in the future as well... The noose is tightening...
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I'm having that "something's just around the corner" feeling again.
HELOC is the new subprime...
http://calculatedrisk.blogspot.com/2008/...
Or, to put it another way, the headline should read:
"WaMu closes barn door. Horses last seen in 2005"
I'm having that "something's just around the corner" feeling again.
Lots of people, myself included, think the rapid increase in consumer CC debt is due to FB's loading up their credit cards after losing access to their HELOC. They are planning on filing bankruptcy anyway and are just loading up as much debt as possible before defaulting.
I'm having that "something's just around the corner" feeling again.
You can say that again....
I'm having that "something's just around the corner" feeling again.
LOL
HOW DARE THEY!!1!
lol, I just had to get that over with. Those people don't come here.
Schiff seems to agree that this is what'S happening at the consumer level: http://www.europac.net/externalframeset....
Without HELOC's and CC's, consumer spending will be severely reduced. I guess that's when we'll see deflationary pressure throughout the economy and not just in housing.