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Major bank stops approving home equity loans, credit lines: HOME LENDING TROUBLES SPREAD.
- Article from:
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San Jose Mercury News (San Jose, CA)
- Article date:
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August 7, 2007
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Copyright informationCOPYRIGHT 2007 San Jose Mercury News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Sue McAllister and Sarah Jane Tribble
Aug. 7--Ripples from the subprime mortgage meltdown are spreading, affecting even borrowers with stellar credit and making popular home equity loans tougher to find.
The latest example: A major national lender stopped approving new home equity loans Monday.
More and more lenders are yanking away loan programs and changing borrowing guidelines as they struggle to please bond market investors, who indirectly provide financing for the nation's mortgages.
Ohio-based National City Mortgage, one of the nation's top 10 home equity lenders and one that makes loans through many California mortgage brokers, announced Monday ...