Buffalo News (04/04/08); Zibel, Alan
Delinquencies on home equity lines of credit rose to 0.96 percent in the fourth quarter--which is the highest level since the second quarter of 1997, according to a new report from the American Bankers Association. Late payments on home-equity loans rose to 2.39 percent, the highest rate since the second quarter of 2005. Many homeowners are having problems paying their mortgages because of the downturn in the housing market and the decline in the value of their residences. "It’s the loans with big payments that seem to be causing the biggest problems for consumers in distress," says Greg McBride, senior financial analyst for Bankrate.com.
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