home equity line of credit: HELOC Lenders Trampling Regulation Z
- 09/04/08 03:27 AM
Numerous consumer complaints regarding freezing or reducing the available credit on HELOC's or home equity lines of credit have gotten the attention of the Treasury Department, the FDIC and the OTS or Office of Thrift Supervision, a branch of the Treasury Department. As home values in many areas continue to decline complaints continue to grow that some thrifts are freezing the credit promised to borrowers and that they may be altering accounts that were not supposed to be changed. After receiving what OTS describes as an "uptick in complaints" regarding Savings and Loans reducing or freezing HELOC's, the OTC issued … (3 comments)
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