Home-Equity Lending Tapering Off in Early 2008 As Outlook Remains Unclear and Losses Mount
June 26, 2008
Mortgage lenders continued to ratchet down their home-equity lending activity as property values eroded further and losses on home-equity loans weighed on bank earnings. Originations of home-equity loans – including home-equity lines of credit and closed-end second mortgages – fell to an estimated $45 billion in the first quarter of 2008. That was down 22 percent from... [Includes one chart]