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Article: HOME EQUITY LOANS TOP $75 BILLION
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 5, 1988
- Author:
CopyrightCopyright 1988 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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WASHINGTON - Home equity loans, booming in popularity
because of changes in the tax law, now account for more than $75
billion of total consumer debt, a study has found.
The Federal Reserve, conducting its first comprehensive look
at the new consumer credit lines, found that some 3 million
homeowners have home equity loans and that three-fourths of all
existing loans were taken out in the past two years.
The home equity loans are replacing second mortgages in
popularity because they offer greater flexibility to consumers.
While second mortgages are extended for a specified period of
time and require repayment of principal and interest in equal
monthly installments, home equity ...