The 2nd Financial Crisis Of The 21st Century Begins! Chase And Wells Fargo Stop Originations Of HELOCs.
Strap yourselves in and get ready to rumble! America is in the infancy of its second financial crisis of the 21st century.
Two of the largest banks in the US have announced they will terminate all originations of HELOCs until further notice. HELOCs are also known as Home Equity Lines of Credit.
Wells Fargo Spokesperson Tom Goyda said the change went into effect last Friday. Goyda said Wells Fargo is making the change due to uncertainty in the economy.
Wells Fargo’s decision will not impact the bank’s existing HELOC customers. Borrowers with existing HELOCs will be able to draw funds on those lines of credit.