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Countrywide Financial Corp., one of the nation's largest mortgage lenders, has suspended the home equity credit lines of nearly all of its Las Vegas customers.
Lenders Countrywide, Bank of America Corp., Washington Mutual Inc. and IndyMac Bancorp Inc. are targeting borrowers in cities where property values are falling. With a rising number of homes in foreclosure and more obstacles preventing would-be home buyers from securing loans, the Las Vegas economy may not see an improvement in the near future.
No offense, but this isn't news. We were notified that our line was being suspended months ago...
After reading this article I felt that its is surely unfair for Las Vegas to be the city
where citizens cannot take out Home Equite Lines of Credit just because there are
many foreclosed properties. Im sure there are many different cities where the
number of bank owned propetries well exceds our numbers. Due to the recession
that United States is currently struggling with the whole country has problems with
falling values of properties, maybe Countrywide shoud not stop leding money on
home equity lines of credit but maybe cut them into a smaller numbr of approved
ones because some of the current residents do have the funds to pay back the loan
and it might be unfair.There are possibilites that the market will go back up and the
homes will start to gain value soon enough and then Countrywide will be right back
in the business.In fact Las Vegas real estate market has rised in last few weeks
so I definately think that there is hope. If Countrywide will suspend them nationally then I will name that fair.