By Lisa Prevost | The New York Times
New research from TransUnion, a credit information service, suggests that the payment shock expected to hit millions of consumers with home equity lines over the next few years may not pose as much of a risk to lenders as feared.
The home equity lines of credit, known as Helocs, were originated before the housing market collapse when home values were still climbing. According to TransUnion, of the $474 billion in Heloc balances held by nearly 16 million consumers as of the end of 2013, nearly half of the loans were originated from 2005 to 2007, the peak year.
[Photo credit: LendingMemo.com]
