Comments on: Your TARP money at work? http://www.bankaholic.com/finance/your-tarp-money-at-work/ Blogging about personal finance, foreclosures, mortgages, interest rates, and budgeting. Wed, 17 Mar 2010 14:08:17 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: CrankySaver http://www.bankaholic.com/finance/your-tarp-money-at-work/comment-page-1/#comment-19550 CrankySaver Tue, 31 Mar 2009 14:18:24 +0000 http://www.bankaholic.com/finance/?p=380#comment-19550 Brian, that is one of the more outrageous stories I've heard about banks cutting home equity lines of credit. I mean, even if the house is only worth $129,000, that's $129,000 worth of equity to tap. And you're absolutely right. If BofA won't lend to you, with a paid-off house as collateral, who will it lend to? Brian, that is one of the more outrageous stories I’ve heard about banks cutting home equity lines of credit. I mean, even if the house is only worth $129,000, that’s $129,000 worth of equity to tap. And you’re absolutely right. If BofA won’t lend to you, with a paid-off house as collateral, who will it lend to?

]]> By: BloggingBanks http://www.bankaholic.com/finance/your-tarp-money-at-work/comment-page-1/#comment-19549 BloggingBanks Tue, 31 Mar 2009 13:57:31 +0000 http://www.bankaholic.com/finance/?p=380#comment-19549 BAC would much rather spend $50 to $100 getting new customers to open a checking account than keep a customer like you Brian. In the current crisis I many companies from credit card firms to banks are cutting credit limits in order to limit their losses from unfavorable exposures .. BAC would much rather spend $50 to $100 getting new customers to open a checking account than keep a customer like you Brian.
In the current crisis I many companies from credit card firms to banks are cutting credit limits in order to limit their losses from unfavorable exposures ..

]]> By: Brian Herdt http://www.bankaholic.com/finance/your-tarp-money-at-work/comment-page-1/#comment-19524 Brian Herdt Tue, 31 Mar 2009 05:05:20 +0000 http://www.bankaholic.com/finance/?p=380#comment-19524 Check this out! I have been a very good Bank of America costumer since 1998 and have had an equity credit line from 1998 till March 10th of this year when I recieved a letter from Bank of America informing me that they were suspending my home equity credit line. The average for sale price of similar houses in my neighborhood is $360K but Bank of America says my home is only worth $129K. I have a credit score of 740, almost no debt and the house is completely paid off. I have not used the home equity credit line since 2004. If they don't want me to borrow from them who will they lend to? Check this out! I have been a very good Bank of America costumer since 1998 and have had an equity credit line from 1998 till March 10th of this year when I recieved a letter from Bank of America informing me that they were suspending my home equity credit line.

The average for sale price of similar houses in my neighborhood is $360K but Bank of America says my home is only worth $129K. I have a credit score of 740, almost no debt and the house is completely paid off. I have not used the home equity credit line since 2004.

If they don’t want me to borrow from them who will they lend to?

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