ABA: HEL Late-Pays Fall Sharply

The delinquency rate on home equity loans held by banks declined sharply in the first quarter, according to the American Bankers Association.Home equity loan delinquencies declined to 2.37% from 2.50% in the last quarter of 2003, according to the ABA's consumer credit delinquency bulletin. Past-due payments on home equity lines of credit also fell to 0.29% from 0.43%, remaining the lowest delinquency rate among the consumer credit categories tracked by the ABA. One weak spot was manufactured housing loans, where the delinquency rate increased to 5.93% from 5.56%. The ABA also reported that credit card late payments declined.

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