Content about Home equity loan

March 20, 2012

By late 2008, Mike Petro had seen enough. It was, for many, the height of the financial mess in this country, marked by bank failures, mortgage crisis, and bailouts; in his view, the financial structure of the United States was teetering on the brink.

“Middle-class workers were taking out home equity loans to pay bills because they were maxed out on their credit cards; their 401(k) plans were shrinking,” Petro said.

June 7, 2011

A study released today by CoreLogic, a real estate data and analysis firm, indicates that 38% of homeowners who took out home equity loans on their houses were “underwater” at the end of the first quarter of 2011, compared with 18% of borrowers with no home equity loans. More than 40% (4.5 million) of all negative equity borrowers have home equity loans.