HELOC Performance Falters in First Quarter
In the first quarter, the percentage of bank home-equity lines of credit that were more than 30 days past due rose 14 basis points to 1.1%, the highest level in nearly a decade, according to the American Bankers Association's quarterly delinquency bulletin.
That was the highest HELOC delinquency rate since 1997, although HELOC delinquencies remained lower than all other consumer credit categories. For closed-end home-equity loans, the delinquency rate actually fell five basis points from the fourth quarter of last year to 2.39% in the first quarter of this year. (c) 2008 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/