Florida Banks Cut Back on Mortgage Programs
Wednesday, August 20th, 2008Jupiter, FL - Mike Larson takes a closer look at how financial institutions that are trying to cut losses. Mr. Larson discusses how financial institutions are cutting back spending by eliminating certain mortgage programs.
Just recently, Morgan Stanley reportedly began cutting off thousands of its Home Equity Line of Credit customers. It’s preventing some borrowers from drawing any more money against their lines and slashing the size of the lines that others have. JPMorgan Chase has made changes to Home Equity Lines of Credit for some 150,000 customers since March, according to Bloomberg. Bank of America, Washington Mutual, and SunTrust are some of the other institutions doing the same.